The month of March is in its last phase. You need to complete many tasks related to money before 31st March. If you do not complete these tasks before the end of the financial year, you may have to pay a penalty. Today we are going to give you some information related to this, how you can avoid paying 50 percent extra tax by doing these tasks.
Advisory of Income Tax Department
Today, the Income Tax Department has issued an advisory urging taxpayers to immediately file their updated income tax returns (ITR-U) before March 31, 2025 to avoid lower penalties and additional financial burden. Filing an updated income tax return allows taxpayers to voluntarily disclose any undisclosed income or correct errors in previously filed returns.
4.64 lakh updated ITRs have been filed
Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha that in the current assessment year (2024-25), till February 28, 4.64 lakh updated ITRs have been filed and tax of Rs 431.20 crore has been paid. In the year 2023-24, more than 29.79 lakh ITR-U were filed and additional tax of Rs 2,947 crore was paid.
Updated Returns
Updated returns (ITR-U) can be filed by any taxpayer, including individuals, businesses or other entities. The Income Tax Department posted on social media that filing ITR-U now = 25% additional tax + interest. Filing after March 31, 2025 = 50% additional tax + interest. Please file updated returns of income tax as per the provisions of section 139(8A) of the Income Tax Act, 1961. File by March 31, 2025 to avail 25% additional tax and reduced interest.
What is updated return?
If a taxpayer has missed out any detail while filing ITR or has made a mistake while filing the return, he can file an updated ITR to correct the same and file it again.
