Tax Hints: Do That Painting Before Thirty-First march, Or Else You'll Have To Pay 50% More Tax.
The month of march is in its ultimate segment. You need to finish many duties associated with cash before thirty-first March. In case you do not complete this work before the end of the economic year, then you will have to pay a penalty.
These days we're going to give you a few pieces of information related to this, how you could avoid paying 50 percent more tax with the aid of doing this work.
Income Tax Department Advisory
Today, the income tax department has issued an advisory urging taxpayers to straight away document their up-to-date earnings tax go back (ITR-U) earlier than march 31, 2025, to avoid lower penalties and extra monetary burden. Submitting an up-to-date income tax goes back and lets taxpayers voluntarily divulge any undeclared profits or accurate mistakes in previously filed returns.
4.64 lakh updated ITRs filed
Minister of Finance Pankaj Chaudhary said in a written response within the lok sabha that inside the modern evaluation yr (2024-25), till february 28, 4.64 lakh up-to-date ITRs had been filed and a tax of Rs 431.20 crore has been paid. In the year 2023-24, greater than 29.79 lakh ITR-U have been filed, and a further tax of Rs 2,947 crore was paid.
Updated return
Updated returns (ITR-U) can be filed with the aid of any taxpayer, along with people, organizations, or different entities. The earnings tax department published on social media that submitting ITR-U now = 25% additional tax + hobby. Submitting after march 31, 2025 = 50% extra tax + interest. Please report an updated return of earnings tax as in step with the provisions of phase 139(8A) of the profits tax act, 1961, filed by way of march 31, 2025, to avail of 25% extra tax and reduced hobby.
What's an up-to-date go-back?
If a taxpayer has overlooked any detail at the same time as submitting an ITR or has made a mistake even as filing the go back, he can file an updated ITR to correct it and document it again.
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