Budget 2022 ITR Correction: Big relief for Income Tax payers seeking to correct omissions in I-T return filing

Budget 2022 Income Tax, ITR Filing: It's a relief for Income Tax payers seeking to correct omissions in ITR filing. Finance Minister Nirmala Sitharaman on Tuesday said the government will provide a one-time window to correct omissions in income tax returns (ITRs) filed. 

She said that the updated returns will have to be filed within two years.

The minister also said that the government proposes to reduce Minimum Alternative Tax (MAT) to 15 per cent for co-operative societies, at par with corporates.

Further, she informed that the fiscal deficit in 2021-22 will be 6.9 per cent of GDP and 6.4 per cent in 2022-23.

Total expenditure in FY'23 is estimated at Rs 39.45 lakh crore; while total resources mobilisation would be Rs 22.84 lakh crore other than borrowings, Sitharaman said.

"The government vows a stable and predictable tax regime," she said. 

(With PTI inputs)