More than 90 lakh Updated Tax Returns filed; Rs.9,118 crore in Additional Taxes collected:

More than 90 lakh Updated Tax Returns filed; Rs.9,118 crore in Additional Taxes collected More than 90 lakh updated Income Tax Returns were filed over the last four years, resulting in Rs.9,118 crore to the exchequer, Parliament was informed on Monday (March 24, 2025). To promote voluntary compliance, the government announced in 2022 that taxpayers could file updated Income tax returns (ITR-U) up to two years following the relevant assessment year by paying additional tax. The government has proposed extending the time limit for filing updated returns to up to four years from the relevant assessment year via the Finance Bill, 2025. Pankaj Chaudhary, Minister of State for Finance, stated in a written reply to the Lok Sabha that 4.64 lakh updated ITRs were filed and Rs.431.20 crore in taxes were paid for the current assessment year (2024-25) up to February 28. Over 29.79 lakh ITR-Us were filed in the financial year 2023-24, with additional taxes of Rs.2,947 crore. In the financial years 2022-23 and 2021-22, 40.07 lakh and 17.24 lakh updated ITRs were filed, respectively, with additional taxes of Rs.3,940 crore and Rs.1,799.76 crore paid. Cumulatively, from AY 2021-22 to AY 2024-25, over 91.76 lakh ITR-Us were filed, resulting in increased taxes of Rs.9,118 crore for the government.