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Over 1.32 crore Updated Income Tax Returns filed in four years
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Over 1.32 crore Updated Income Tax Returns filed in four years
Over 1.32 crore Updated Income Tax Returns have been filed in four years under Section 139(8A), yielding about Rs 16,083 crore in additional tax.
Why it matters: factual, Prelims-type
What you need to know
2 min read
More than 1.32 crore Updated Income Tax Returns (ITR-U) have been filed over four years, yielding about Rs 16,083 crore in additional tax revenue, according to government data.
The Updated Return facility, introduced under Section 139(8A) of the Income-tax Act, allows taxpayers to voluntarily correct omissions or errors in previously filed returns within a specified window, on payment of additional tax.
The scheme is aimed at improving voluntary compliance and reducing tax litigation.
Sources: Topper IAS editorial (PIB / The Hindu / Indian Express)
Key facts
Remember these
- Updated Income Tax Return
- Section 139(8A)
- Income-tax Act
- voluntary tax compliance
Prelims · Mains
How the exam will ask it
Prelims
- Updated Income Tax Return, Section 139(8A), Income-tax Act, voluntary tax compliance
Mains
Use as an example in GA answers (GS3 - Economy: tax administration, voluntary compliance schemes).
Quick recall
Answer before you reveal
The facility to file an 'Updated Income Tax Return' (ITR-U), under which over 1.32 crore returns have been filed in four years, was introduced under which provision of the Income-tax Act?
- Section 139(8A)
- Section 44AD
- Section 80C
- Section 234F
Show answer
Answer: A — The Updated Return (ITR-U) facility was introduced under Section 139(8A) of the Income-tax Act, allowing taxpayers to voluntarily correct omissions in earlier returns on payment of additional tax.
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