Budget 2022 | No Change in Income Tax Slabs, Updated I-T Returns Can Be Filed Within 2 Years

No changes were made in the existing #incometaxslabs in the #UnionBudget2022 announced by #FinanceMinister #NirmalaSitharaman 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.

Video: Sansad TV

Support The Quint's independent journalism. Become a member now: https://www.thequint.com/plan-selecti...

Join this channel to get access to perks:
   / @thequint  
__________________

SUPPORT OUT CAMPAIGNS: www.thequint.com/special-projects?utm_source=youtube&utm_medium=social_tq

Check out The Quint for more news: https://www.thequint.com
The Quint in Hindi: https://hindi.thequint.com
For more videos, subscribe to our YouTube channel: http://bit.ly/2aIcith

You can also follow The Quint here:
Facebook: http://bit.ly/1RXYIg5
Twitter: http://bit.ly/1tjFuxI
Instagram: http://bit.ly/1Piyc18