The most awaited Union Budget 2022 finally announced today, in a big disappointment for salaried individuals, FM Sitharaman did not announce any change in income tax slabs for 2022-23. The income tax rates for 2022-23 were also not revised. However, People had sought that Income Tax Slabs Could Be Raised in Budget.
Beside, Finance Minister has announced a change in policy on filing updated Income tax returns.
“The Income Tax Department has established a robust framework of reporting of taxpayers’ transactions. In this context, some taxpayers may realise that they have committed omissions or mistakes in correctly estimating their income for tax payment. To provide an opportunity to correct such errors, I am proposing a new provision permitting taxpayers to file an updated return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year,” said Finance Minister Nirmala Sitharaman.
SERVICE Sector CONTRIBUTED OVER 50% TO GDP