Updated tax returns: Budget 2025 offers a wider window to report omitted income
Source: Live Mint In the Union Budget for 2022-23, India’s finance ministry introduced the concept of updated tax returns to promote voluntary tax compliance. At the time, finance minister Nirmala Sitharaman said that its purpose was to motivate taxpayers to voluntarily disclose any income omitted in their original tax filings. Three years on, this initiative…