Taxpayers can now revise audit reports and claim unclaimed deductions

After the tax report has been submitted if the taxpayer makes payments, recalculation to the extent of expenditure eligible for deduction may become necessary. The new rule helps an assessee easily file a revised report and claim deductions. At the same time, the need on part of the taxpayer to explain the mismatched audit report and the claim for deduction also gets eliminated.

Businesses with sales operations of Rs 1 crore or above and professionals with income more than Rs 50 lakh are expected to file tax reports. But organisations having sales of up to Rs 5 crore are not expected to file tax audit reports if their receipts and spending in cash are not more than 5 percent.

Meanwhile, ITR Forms for the Assessment Year 2021-22 have been notified by the CTBT. Taking into account the ongoing COVID-19 pandemic and other crises resulting from it, the authorities have made no significant changes to the ITR forms, Times Now reported. Changes necessitated by the amendments in the Income Tax Act, 1961, however, have been incorporated.