Here Comes An Interesting Income Tax Update Issued By The Finance Minister

Here comes an interesting Income Tax Update issued by the Finance Minister.

Here comes the relief for all the income taxpayers in the country. As per the latest orders of the Finance Ministry, the government has extended the last date of filling the ITR for the Financial Year 2020 (FY20) or the Assessment year (AY 2020-2021) to March 31, 2023. The facility of new ITR filing was started from the Finance Act of 2022. The new return files will be called the updated return. 

For this, a new sub-section 8(A) was added to section 139 of the Income Tax Act. This new section was implemented on April 1 2022. According to this section, the ITR return filed can be updated within the next two years. So, if there is any change in your tax return, you can submit it by March 31 of this year. But this will only be applicable if the income taxpayer has made a mistake in furnishing the information related to his income while filing the original or belated return.

Dates for Filing Returns have been extended to March 31 2023:

In this regard, Pallav Pradyuman Narang, partner CNK, further added that the time limit of two years would be calculated from the year in which the taxpayer filed the original return. That is, for the return filed on March 31, 2021, the updated returns can be filed till March 31, 2023. If you are a taxpayer looking to file an updated return, you have less than 90 days left. Also, you can only file the updated return when you have disclosed the additional income in return.

This facility for filing updated returns is only for those willing to declare additional income in their tax return. This is for people who failed to disclose their income earlier for some reason and are looking for improvement.


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