Taxpayers Can File Updated Income Tax Return within 2 Years

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Taxpayers Can File Updated Income Tax Return within 2 Years

The Government proposes to permit taxpayers to file an updated return on payment of additional tax within two years from the end of the relevant assessment year announced the Union Finance & Corporate Affairs Minister Smt. Nirmala Sitharaman while presenting the Union Budget 2022-23 in the Parliament today.

She said this would give taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment.

Taxpayers Can File Updated Income Tax Return within 2 Years

She pointed out that currently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, the new proposal would repose trust in the taxpayer. She said “It is an affirmative step in the direction of voluntary tax compliance”.

What’s your view regarding the new changes in budget 2022-23, write below in the comment box.

ITR 1

For Individuals being a Resident (other than Not Ordinarily Resident) having Total Income up to Rs.50 lakhs, having Income from Salaries, One House Property, Other Sources (Interest, etc.), and Agricultural Income up to Rs.5 thousand (Not for an individual who is either Director in a company or has invested in Unlisted Equity Shares).

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