Budget 2022 Income Tax Latest Update: Union Finance Minister Nirmala Sitharaman during the budget in Parliament announced to give up to 2 years to rectify the flaws in ITR. The government has also made a provision of imprisonment up to 2 years for falsification in ITR.
- Up to 2 years to rectify errors in ITR
- Imprisonment for up to 2 years for falsification in ITR
- Finance Minister Nirmala Sitharaman announced in her budget speech
New Delhi: Finance Minister Nirmala Sitharaman made many big announcements while presenting the budget. He said that up to 2 years will be given to rectify the flaws in ITR. Also, the corporate tax has been reduced from 18% to 15%.
- You can be jailed for wrongdoing in ITR
Presenting the general budget in Parliament, the Finance Minister said that the process of reforming the tax system will continue. He said that the government is planning to bring new tax reforms. The government has also made a provision of imprisonment up to 2 years for falsification in ITR.
- Can file updated returns for 2 years
He said that a provision has been made for the taxpayers to file the updated ITR. Taxpayers can file updated returns for the next 2 years from the last day of any assessment year. That is, if you filed the return of 2022-23 and want to change something in it, then for this updated return can be filed till 2024-25.
- NPS tax exemption increased for government employees
Apart from this, the Finance Minister said that now instead of 10%, 14% contribution will be made in NPS. That is, the scope of tax exemption has been increased in the NPS scheme for government employees. Along with this, the Finance Minister announced a plan to bring a new tax reform. Employees will also get tax exemption on pension. At the same time, the contribution of the Center and the state in NPS will now be 14%.