Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched Rs 9,118 crore to the exchequer, Parliament was informed on Monday. To encourage voluntary compliance, the government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to 2 years from the relevant assessment year by paying additional income-tax. Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year. In the current assessment year (2024-25) till February 28, 4.64 lakh updated ITRs have been filed and taxes of Rs 431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. In AY 2023-24, over 29.79 lakh ITR-Us were filed and Rs 2,947 crore additional taxes paid. In AY 2022-23 and AY 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed and additional Rs 3,940 crore and Rs 1,799.76 crore taxes were .
Easing of taxation crucial for financialisation of savings, says Amfi
Only taxpayers with single source of income or simple finances should file early
When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches
Here is a quick step-by-step guide on how to file your income tax return (ITR) for the assessment year 2022-23
There are some changes in the e-filing site, ITR Forms for AY 2021-22, as well as in the process of filing returns.
The deadline for filing GST annual return for 2019-20 fiscal has been extended by 2 months till February 28, 2021
Revision has to be done before deadline or completion of assessment, whichever is earlier
However, if the amount is substantial, the I-T department may seek more details