Pay 25% to 50% penalty to update your income tax return upto 2 years later, says Budget 2022

Currently, an individual gets time till December 31 (unless extended by the government) to update their ITR to provide a correct picture of the income earned by him/her from various sources during the financial year. The newly proposed law will give taxpayers two years from the end of the relevant assessment year to file their correct ITR.

from Tax-Wealth-Economic Times https://ift.tt/nUtfuA2XF