Rules for filing income tax returns have changed, now businessmen can correct their mistakes

Changes in ITR filing rules: ITR filing is going on. Till now, if any mistake is made in filing ITR, then the Income Tax Department used to mark your small mistakes and send a notice. In such a situation, it is advised to file returns with caution. But now after 7 years, traders have got a big relief. Now if there is any error or defect in the return, it can be corrected. The GST Council has accepted the proposal of the traders.

The Income Tax Department has provided many facilities to make filing Income Tax Returns (ITR) easier. A simple system has been designed so that taxpayers can file IT returns themselves. But even a simple mistake during filing can cancel your refund. Some types of errors can lead to delay in IT returns, audit or penalty by the Income Tax Department. In such a situation, filing IT returns every year is a big challenge for traders. The possibility of error is high. Till now, traders were directly penalized for making mistakes, they did not get a chance to correct the mistake. But now the GST Council has provided an opportunity to taxpayers to amend their returns.

This question was raised in the recent GST Council meeting and the Council has recommended introducing GSTR 1-A to the network to mitigate this problem. , If there is any error in the return filed on the 11th, the trader-taxpayer can make the correction till the 20th and its effect will be automatically reflected in GSTR 3-B. This is likely to reduce problems like mismatch of sales figures, appeals to other tax authorities for taxes.

It is worth noting that this proposal of the GST Council will provide great relief to lakhs of traders. Because, the bank accounts of traders were seized without notice for a small mistake in the returns. In case of any mistake by the taxpayer, strict steps were taken including seizing the bank account without notice.

If there is a mistake in filing the return, then there is a problem in GSTR 3B as well. Later, traders had to face difficulties in collecting tax. By the time this is corrected, a big problem will arise in front of the traders. In this way, all these problems of the traders will be resolved. By mistake, the bank accounts of the traders were being attached to the returns without information, so now the traders will not have to face this problem. Now the returns can be corrected.