Budget 2022 | No Change in Income Tax Slabs, Updated I-T Returns Can Be Filed Within 2 Years
- 2 years ago
No changes were made in the existing income tax slabs in the Union Budget 2022 announced by Finance Minister Nirmala Sitharaman on Tuesday, 1 February.
"The Income Tax Department has established a robust framework of reporting of taxpayers' transactions. In this context, some taxpayers may realise that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year," she said.
"The Income Tax Department has established a robust framework of reporting of taxpayers' transactions. In this context, some taxpayers may realise that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year," she said.