Taxpayer can update ITR once in AY, says CBDT

New Delhi, February 9

A taxpayer would be permitted to file only one updated return for an assessment year, a government official said on Wednesday.

Speaking at a CII event, CBDT Chairman JB Mohapatra said the intent of this provision is to help people who have genuinely missed out on filing his/her returns. Such taxpayers “can file only one updated return for one assessment year”, Mohapatra said.

An additional 25% on the due tax and interest would have to be paid if the updated ITR is filed within 12 months, while the rate will go up to 50% if it is filed after 12 months, but before 24 months from end of relevant Assessment Year. — PTI

Budget provision

• The Budget has permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes