More time to revise returns, but there's a price to pay
The tenure for filing updated tax returns has been extended from two to four years, allowing taxpayers more time to correct discrepancies. However, steep additional taxes of up to 70% apply for delayed filings. The updated returns cannot be used to claim missed tax benefits or adjust losses. Nearly 90 lakh taxpayers have already utilized this facility.
The tenure for filing updated tax returns has been extended from two to four years, allowing taxpayers more time to correct discrepancies. However, steep additional taxes of up to 70% apply for delayed filings. The updated returns cannot be used to claim missed tax benefits or adjust losses. Nearly 90 lakh taxpayers have already utilized this facility.
