Income Tax Return: The Income Tax Department has issued a new form for filing returns. In this, the income tax payer will have to explain why the return was not filed last year or why he deposited less income tax. That is, the details of the returns of the previous year will also have to be given. The form is also available online.
The Income Tax Department has also issued a new form by improving the income tax return load. Columns have been extended for necessary information in the new form. This is called ITR U. In this, why the previous return was not filed, why the income tax was less filled, it will also have to be told. Income tax payers who have filed returns on time do not have to fill this column. There is a provision for correction of errors in this form.
For example there is some mistake in filing the return in the financial year 2021-22 that an opportunity will be given to rectify the returns for the financial year 2022-23. The income tax payer will be allowed to make corrections only once.
Low income tax depositors will first have to deposit 50 per cent of the outstanding amount to make corrections. Tax advocate Ankit Gupta said that keeping in mind the interest of the income tax payer, the Income Tax Department has made a new form for filing income tax. A new form will open to file the return online, in which information about how much money is deposited in the income tax payer’s bank, how much interest has been received till now, how much money has been received from salary, what is the income from other sources.
This will not make it difficult to file the return. The Income Tax Department has fully taken into account the convenience of the income tax payer in creating the new form. If there is any problem while filling the form, information can be given to your lawyer or CA.
