The central government informed the Parliament on Monday that more than 90 lakhs updated Income Tax Returns (IT Returns) have been filed over the last four years. The government said that this fetched Rs 9,118 crore to the exchequer.
In 2022, the government introduced an option to encourage taxpayers to comply voluntarily. This allowed taxpayers to file updated income tax returns (ITR-U) within 2 years of the relevant assessment year, with an additional income tax payment.
The central government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year, through Finance Bill, 2025.
Minister of State for Finance Pankaj Chaudhary said in a written reply informed Lok Sabha that in the current assessment year (2024-25) till February 28, around 4,64,000 updated ITRs have been filed and taxes of Rs 431.20 crore paid.
Moreover, in last assessment year, i.e., 2023-24, over 2.979 million ITR-Us were filed and Rs 2,947 crore additional taxes paid. Meanwhile, in assessment year 2022-23, 4.007 million ITRs were filed and Rs 3,940 crore additional taxes paid. In assessment year 2021-22, 1.724 million updated ITRs were filed and additional Rs 1,799.76 crore taxes were paid.
From 2021-22 to 2024-25, cumulatively over 9.176 million updated income tax returns (ITR-Us) were filed, generating an additional Rs 9,118 crore in tax revenue for the government.
ALSO READ: Defence Production Hit Rs 1.27 Lakh Crore In FY 2023-24, Exports Cross Rs 21,000 Crore
