Over 90 lakh updated tax returns filed, Rs 9,118 crore additional taxes mobilised, ETCFO
Over 90 lakh updated Income Tax Returns have been filed over the last four years which fetched Rs 9,118 crore to the exchequer, Parliament was informed on Monday. To encourage voluntary compliance, the government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to 2 years from the relevant assessment year by paying additional income-tax.
Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to 4 years from the relevant assessment year.
In the current assessment year (2024-25) till February 28, 4.64 lakh updated ITRs have been filed and taxes of Rs 431.20 crore paid, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha.
In AY 2023-24, over 29.79 lakh ITR-Us were filed and Rs 2,947 crore additional taxes paid.
In AY 2022-23 and AY 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed and additional Rs 3,940 crore and Rs 1,799.76 crore taxes were paid.
Cumulatively, between AY 2021-22 to AY 2024-25, over 91.76 lakh ITR-Us were filed which fetched additional taxes of Rs 9,118 crore to the government.
