New Delhi: The last date for filing income tax returns for the financial year 2022-23 is over, but still, some taxpayers are filing income tax returns with a late penalty. So far more than 1 lakh people have filled the ITR-U form, due to which the central government has earned an additional Rs 28 crore so far. This figure can cross 75 crores.
ITR-U is the new ITR form, which is called ITR-Updated. Taxpayers who have to make some changes in their ITR fill out this ITR-U form. By doing this, they can rectify any mistake that occurred while filing ITR.
If there is any discrepancy in the ITR of a taxpayer and the taxpayer rectifies the discrepancy by filling the ITR-U form, then no action is taken against the taxpayer. It is important to note that the ITR-U form must be filed within 2 years of the assessment year.
Additional earnings of ₹ 28 crores have been made to the central government so far, the government wants to ease the system as well as cut down on litigation
Here, taxpayers may get a shock. The central government can abolish the old income tax system. Along with this, the exemption from income tax to the taxpayers will also stop. At present, taxpayers have the right to choose between the old and the new tax regime.
But according to sources, the government wants only one scheme for personal income tax. For this, the tax rate can be reduced in the new tax system. The old tax system is very complex and it creates many controversies. Experts say that the government wants to simplify the income tax system and at the same time wants to cut down on litigation.
CBDT Chairman Nitin Gupta has said that the Income Tax Department is venturing into "new sectors" of the economy to check tax evasion. We are not restricting ourselves only to real estate, we are also looking at other sectors.
