The high cost of non-compliance will encourage assessees to avail of this scheme, experts said.Īravind Srivatsan, tax leader, Nangia Andersen LLP, said that several court rulings have permitted the launch of prosecution and taken a hard stance on income earners not paying and filing tax returns. The scheme essentially gives a chance to assessees to revise returns and prevent prosecution. G'day Lejends, If you're thinking about providing me with some consistent financial support or you've just happened to stumble across my page, then welcome, I'm glad to see you here I don't expect anything from anyone but any level of support via Patreon is greatly appreciated and is a huge help in enabling me to continue to. Valheim Genshin Impact Minecraft Pokimane Halo Infinite Call of Duty: Warzone Path of Exile Hollow Knight: Silksong Escape from Tarkov Watch Dogs: Legion. Moreover, taxpayers who have any pending proceedings for the relevant year cannot avail of this, added Sehgal. Fiverr freelancer will provide Video Editing services and create viral top 10 faceless cash cow videos including Running time (in minutes) within 2 days. However, the eligibility is also restricted as taxpayers cannot use it to claim any additional loss, refund or benefit, he said. This will augment tax revenue for the government as well," said Sehgal. “The taxpayers who have missed out on filing returns or paying due taxes have an excellent opportunity to come clean for the recent few years. In recent years real money gaming, including those that let players bet on fantasy sports, card games and others, have exploded in popularity even as regulatory ambiguity on whether some of these are games of skill or games of chance has prevailed.Īccording to Sandeep Sehgal, partner-tax at AKM Global, a tax and consulting firm, updated returns will reduce litigation. They will be asked to file updated returns," added the official. “When we went for an investigation recently, we found that a large number of people, like online gamers etc, did not file returns for the last two years. He added that the tax department would be examining returns filed over the past two years using other information sources or through investigation.
Secondly, we will start telling people if they have not paid their taxes, they should file updated returns," said a senior government official. We will start a campaign soon to inform assessees that they could revise their returns. “Even though we are yet to start a campaign, 75,000 updated returns have been filed so far. Self-assessment tax collection rose by a massive 275% in April-July to ₹43,500 crore from a year earlier. Penal interest on self-assessment tax is levied at 1% per month on a simple interest basis. The penalty payable doubles to 50% if the ITR is updated between 13 months and 24 months. If the updated returns are filed within 12 months, the taxpayer needs to pay 25% additional tax on the total tax and interest accrued on it. The updated return scheme, introduced on 1 April, allows assessees to revise their income tax returns going back two years.
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