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Income Tax Alert: There Could Be A 200% Penalty If You Don’t File Your ITR-U By March 31

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<p>By the end of March 2024, taxpayers must file an amended Income Tax Return (ITR-U) for the fiscal year 2021 (Assessment Year 2021–22). ITR-U allows you to fix mistakes, including under- or misreported income, in previously filed ITRs.</p>
<p><img decoding=”async” class=”alignnone wp-image-535920″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/03/theindiaprint.com-income-tax-alert-there-could-be-a-200-penalty-if-you-dont-file-your-itr-u-by-march.jpg” alt=”theindiaprint.com income tax alert there could be a 200 penalty if you dont file your itr u by march” width=”1011″ height=”758″ title=”Income Tax Alert: There Could Be A 200% Penalty If You Don't File Your ITR-U By March 31 9″></p>
<p>Section 139(8A) of the Income Tax Act permits you to amend your ITR after the relevant assessment year has finished. If an individual makes the necessary corrections and the taxation authorities discover them, they might face a penalty of up to 200% of the tax owed.</p>
<p>With effect from A.Y. 2017–18, a new section 270A has been enacted, which requires a penalty of either 50% or 200% of the tax payable if a person conceals income and does not reveal it. S. Ravi, the founder of Delhi-based CA company Ravi Rajan & Co., described this to the Economic Times.</p>
<p>S. Ravi clarified that the maximum penalty under Section 271 of the Income Tax Act, 1961, will be as much as 300% of the total amount owed through A.Y. 2016–17.</p>
<p>When is the cutoff date for submitting an amended tax return?</p>
<p>Taxpayers have 24 months—after the end of the relevant assessment year—to submit a revised return (subject to certain criteria). Taxpayers have until March 31 to submit if they missed the deadline for FY20–21.</p>
<p><strong>Who must submit an ITR-U?</strong></p>
<p>Taxpayers may submit their return document together with an updated return if they submitted their ITR for that assessment year—whether on time, late, or even as an amended return.</p>
<p>It should be mentioned that you cannot get a refund of the taxes you paid using the ITR-U.</p>
<p>Does paying more taxes come with filing an ITR-U?</p>
<p>Under some circumstances, it may not be possible to file an ITR-U without paying extra tax.</p>
<p>50% of the total tax and interest owed by an individual upon submitting the amended return will be the additional tax.</p>
<p>Nevertheless, 25% of the total tax and interest owed will be paid if the amended ITR-U is filed after the deadline for submitting a revised or delayed return has passed but before the 12-month term that concludes with the end of the relevant A.Y.</p>
<p>Who is not allowed to submit an ITR-U?</p>
<p>should an amended return have already been filed.</p>
<p>for filing a return that is zero or a loss.</p>
<p>to get or raise the return’s amount.</p>
<p>If your tax liability is reduced by submitting an amended return,.</p>
<p>You are the target of a Section 132 search procedure.</p>
<p>According to Section 133A, a survey is conducted.</p>
<p>in the event that assets, documents, or books are taken or sought under section 132A by the Income Tax authorities.</p>
<p>if a reevaluation, assessment, revision, or recalculation is in progress or finished.</p>
<p>If there is no new tax outgo—that is, if your tax obligation changes due to TDS credits or losses and you are no longer liable for taxes—you are not allowed to submit an amended ITR.</p>


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