Updated ITR Filing: The government has announced to extend the deadline for filing updated returns for any assessment year in Budget 2025.
Updated ITR Filing News: In Budget 2025, Finance Minister Nirmala Sitharaman has given another gift along with giving big relief in income tax. The Finance Minister has announced to extend the time limit for filing updated returns for any assessment year, which is proposed to be increased from the current limit of 2 years to four years. Finance Minister Nirmala Sitharaman said that the government under the leadership of Prime Minister Modi believes in “Sabka Saath, Sabka Vikas, Sabka Vishwas and Sabka Prayas”. Under this, we had brought the updated return facility for voluntary compliance for taxpayers in 2022 who had failed to report their correct income.
Taxpayers showed honesty
The Finance Minister said that our trust in the taxpayers has been proved right and therefore about 90 lakh taxpayers have voluntarily updated their income by paying additional tax. Taking this trust forward, I now propose to extend the time limit for filing updated returns for any assessment year from the existing limit of two years to 4 years.
He said that 33,000 taxpayers have availed the Vivaad se Vishwas 2.0 scheme to settle direct tax disputes. Apart from this, the budget has doubled the limit of tax deduction on interest income for senior citizens to Rs 1 lakh and proposed to increase the limit of TDS on rent to Rs 6 lakh.
Let us tell you that now those earning Rs 12 lakh will not have to pay any tax. But, this benefit will be for those who adopt the new tax regime. The Finance Minister said that now those earning Rs 25 lakh will get a benefit of Rs 1 lakh 10 thousand as compared to earlier. The Finance Minister said that by increasing tax exemption, one lakh crore direct tax will be reduced.
