CBDT notifies ITR-U for AY21 & AY22

A taxpayer who didn’t record source of revenue tax go back up to now or ignored to document right kind source of revenue can now rectify the similar via submitting up to date returns (ITR-U) via paying further fee for the evaluate years (AY) 2020-21 and 2021-22 .

The Central Board of Direct Taxes (CBDT) notified bureaucracy for up to date returns for the ones taxpayers who ignored to document right kind details of Source of revenue for the former two evaluate years. Whilst the ITR-U lets in the taxpayers to be compliant via rectifying errors, it does no longer permit taxpayers to record for a reimbursement of taxes or a discount of overall source of revenue.

The Finances 2022-23 has allowed taxpayers to replace their ITRs inside of two years of submitting, topic to price of taxes, a transfer aiming at serving to right kind any discrepancy or omissions and cut back litigation.

Taxpayers, submitting returns for FY 2020-21 (AY 2021-22), will likely be topic to further source of revenue tax (AIT) levy but even so the levy of hobby and charge for non-filing or non-payment of taxes until date. “AIT will likely be levied on remarkable taxes on the fee of 25% the place an ITR U is filed inside of one year from the tip of the related evaluate yr and 50% the place an ITR U is filed inside of 24 months from the tip of the Evaluate Yr ,” Sudhakar Sethuraman, Spouse, Deloitte India mentioned.

additionally taxpayers are required to specify causes for now submitting the go back, which is discussed via the ITR U together with prior to now no longer filed; source of revenue no longer reported appropriately; flawed heads of source of revenue selected; flawed fee of tax; relief of carried ahead losses or unabsorbed depreciation; relief of minimal change tax and others.

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