Proposed New Updated Return Provisions: Great intent but poor content
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- Last Updated on 3 February, 2022
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Srinivasan Anand G
The Finance Minister announced an updated income-tax return filing scheme in her Budget Speech. The relevant extract of the Finance Minister’s Speech is as under:
India is growing at an accelerated pace and people are undertaking multiple financial transactions. The Income Tax Department has established a robust framework of reporting of taxpayers’ transactions. In this context, some taxpayers may realize that they have committed omissions or mistakes in correctly estimating their income for tax payment.
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.
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