<p>
In a big relief to taxpayers, Finance Minister Nirmala Sitharaman on Tuesday said the government is now making a provision for taxpayers to file an updated income tax return in case they have made a mistake.</p>
<p>
This one-time window will help taxpayers to correct any mistakes they have made in filing their income tax returns and they can then submit the additional tax, the finance minister explained in her budget speech.&nbsp;</p>
<p>
The updated returns will have to be filed within two years of the first return, she said.&nbsp;</p>
<p>
The finance minister said the government was taking these steps to simplify the tax system and enhance compliance. Besides, the provision is expected to lead to a decrease in litigation.</p>
<p>
The finance minister also said that the government was introducing a new provision by which any undisclosed income detected during the search and seizure operations of the Income Tax Department could not be offset aginst losses. In such cases a flat tax would have to be paid on the entire amount that is detected. The step is being taken to check tax evasion.</p>
India is becoming the manufacturing hub of the world, said Union Minister Ashwini Vaishnaw while…
India has emerged as the global leader in mobile wallet payments, with 90.8 per cent…
At the 2024 Geneva Summit for Human Rights and Democracy held on Wednesday, Uyghurs, Tibetans,…
In a veiled swipe at the country's first prime minister, Pandit Jawaharlal Nehru and the…
Two terrorists were gunned down as the Indian Army foiled an infiltration bid along the…
YouTube has announced its decision to block access in Hong Kong to videos featuring performances…