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Feb 03, 2025
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Taxpayers alert! You will now pay 70% additional tax if filing updated tax return after…
The Budget 2025 has proposed to extend the time limit to file updated income tax returns (ITRs) for any assessment year from the current limit of two years to four years, but that comes at a cost.
In her Budget 2025 speech, Finance Minister Nirmala Sitharaman announced a proposal to extend the time limit for filing an updated return from the current 24 months to 48 months from the end of the relevant assessment year to further promote voluntary tax compliance.
Launched in 2022, the updated return facility enables taxpayers to voluntarily rectify mistakes or omissions in their original or belated returns.
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