Income tax update facility fetches govt ₹8,350-cr revenue

A recently introduced facility that allows income-tax assessees to correct past mistakes in computing tax without any hassle, has seen 8.35 million taxpayers update their returns, and earned the exchequer about ₹8,350 crore additional revenue since FY23, according to government data.

- Saubhadra Chatterji & Rajeev Jayaswal

NEW DELHI:

The updated return facility, announced in the budget for 2022-23, helped the income-tax department use digital infrastructure and nudge those taxpayers who were suspected to have made wrong claims of deductions and exemptions in their income-tax returns, encouraging them to pay the correct amount after updating their ITRs, a government official said.