Budget 2022 Income Tax: ITR Filing! Government to provide one-time window to correct omissions in ITRs filed, updated returns to be filed within 2 years

Budget 2022: Union Finance Minister Nirmala Sitharaman presented the Union Budget 2022 today, February 1, 2022. In her budget speech, the FM made certain important announcements related to taxation. The government provides an opportunity to correct any error in filing ITR.

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"To provide an opportunity to correct an error, taxpayers can now file an updated return within 2 years from the relevant assessment year," FM Nirmala Sitharaman said during her Budget speech

She also proposed to provide that any income from transfer of any virtual digital asset shall be taxed at the rate of 30%. Also, there is no deduction in respect of any expenditure or allowance shall be allowed while computing such income, except cost of acquisition.

The FM further added, "Both Centre and States govt employees' tax deduction limit to be increased from 10% to 14% to help the social security benefits of state govt employees and bring them at par with the Central govt employees."