Income Tax Rule Change Budget 2022: You can Update ITR Within 2 Years, What it Means
3 years, 1 month ago

Income Tax Rule Change Budget 2022: You can Update ITR Within 2 Years, What it Means

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Budget 2022 has tightened the income tax filing norms for regular taxpayers. They can update their income tax returns within two years from the end of relevant assessment year by paying an additional tax. New ITR Rule: What Changes after Budget 2022 According to the current income tax laws, an individual taxpayer gets time till December 31 of relevant financial year to file a revised or belated return. To encourage more people to file income tax returns, Budget 2022 introduced a rule to extend the time for filing belated return. Revised Income Tax Filing Norm Explained Union Budget 2022 proposed to introduce a new sub-section in Section 139 under the Income Tax Act, 1961 to allow taxpayers more time to file a revised or belated income tax returns.

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