Budget 2022: Taxpayers can now file updated return within 2 years in one-time window
New Delhi : Giving relief to the taxpayers who wish to correct their filed return voluntarily, Finance Minister Nirmala Sitharaman said that now it can be done within 2 years in one-time window.
She announced the decision during her union budget speech in which she announced no changes in the income tax regime.
"To provide an opportunity to correct an error, taxpayers can now file an updated return, on payment of additional tax, within two years from the end of the relevant assessment year," Ms Sitharaman said.
"In this context, some taxpayers may realize that they have committed omissions or mistakes in, correctly estimating their income for tax payment," she said as she announced the reform in the direct tax regime.
Ms Sitharaman further said that filing an updated return is an "affirmative step in the direction of voluntary compliance."