Mon Mar 24 10:17:07 UTC 2025: **Government Extends Deadline for Updated Tax Returns, Sees Significant Revenue Increase**
New Delhi, March 24, 2025 – The Indian government has announced an extension to the deadline for filing updated income tax returns (ITR-Us), allowing taxpayers up to four years from the relevant assessment year to file amended returns. This follows a successful program introduced in 2022, which offered a two-year window.
According to Minister of State for Finance Pankaj Chaudhary, this initiative has significantly boosted government revenue. Over 91.76 lakh updated ITRs have been filed between assessment years 2021-22 and 2024-25, generating an additional ₹9,118 crore (approximately $1.1 billion USD) in tax revenue. The highest number of updated returns was filed in AY 2023-24 (29.79 lakh), generating ₹2,947 crore in additional taxes.
The extension, proposed through the Finance Bill 2025, aims to further encourage voluntary compliance and improve tax collection. The government believes this measure will simplify the tax filing process and benefit both taxpayers and the exchequer. The data presented to Parliament highlights the program’s success in generating considerable additional revenue for the government.
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