Taxpayers Can File Updated Return Within 2 Years Of Assessment Year: Nirmala Sitharaman
Mumbai: Presenting the Union Budget 2022-23, Finance Minister Nirmala Sitharaman announced a new provision allowing taxpayers to file an updated return on payment of additional tax.
She said that this will provide taxpayers with an opportunity to correct errors.
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Finance Minister Sitharaman said that in order to provide an opportunity to rectify any error in the income tax return, taxpayers can now file an updated I-T return within two years from the relevant assessment year. Also Read: Digital Rupee To Be Issued By The RBI Starting 2022-23: Nirmala Sitharaman
This will promote voluntary tax compliance and reduce levies, the minister told Parliament. Also Read: National Highway Network To Be Expanded By 25,000 km In 2022-23: FM
This will also help repose trust in the assessee to help him/her with voluntary compliance.
Earlier today, Sitharaman met President Ram Nath Kovind ahead of the Budget presentation. She was accompanied by Ministers of State for Finance Pankaj Chaudhary, Bhagwat Karad and other officials from the Ministry. Also Read: India To Grow At 9.27% in FY22, Highest Among All Large Economies: FM Sitharaman
Amid the ongoing coronavirus pandemic, replacing her signature ‘bahi khata’, she opted to carry the documents in a tablet, which was wrapped in a red-coloured cover with the national emblem emblazoned on it.
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