Union Budget 2022: Refile ITR within two years to fix errors

Taxpayers were expecting some relief in the Budget in the form of a change in the tax slabs or a hike in the deductions under Section 80C, 80D, or Section 24. Even as none of those expectations materialised, there were a number of benefits on other fronts.

File updated tax return

The Income-Tax (I-T) Department will introduce a new updated return, which is expected to help those taxpayers who have committed mistakes in filing their returns. They will get an opportunity to correct their error by paying additional tax and filing a new return within two years from the end of the