ITR update Over 1.55 lakh updated income tax returns in May to September

[ITR update Over 1.55 lakh updated income tax returns in May to September]( [Over 1.55 lakh updated income tax returns ITR U have been filed up to September 2 the income tax department said on Sunday. The income tax department had in May this year notified a form for filing updated income tax returns ITRs. The taxpayer will have to pay an additional amount over and above the due tax while filing ITR U. over 1.55 lakh Updated ITRs have been filed upto 2nd September 2022 the IT department tweeted. It said more than 20000 taxpayers have filed Updated ITRs for both AYs 2021 to 2022 2019 to 2020 and 2020 and 2021 fiscal years. finance Act 2022 introduced a new provision for filing Updated Income Tax Returns under section 139 8A of the Income tax Act 1961. As per the provision an additional 25 per cent on the due tax and interest would have to be paid if the updated income tax return ITR is filed within 12 months while the rate will go up to 50 per cent if it is filed after 12 months but before 24 months from the end of relevant Assessment Year.]( Â [Read More]( To Unlist [Click Here](