Rs.4 billion tax deposited through 500,000 updated ITRs: Official

The recently introduced provision of allowing taxpayers to update their income tax returns (ITRs) have resulted in 500,000 re-filings, as per a government official. This has helped the government collect around Rs.4 billion tax. The Union Budget 2022-23 permitted taxpayers to update their ITRs within two years of filing, subject to payment of taxes. New ITR-U form was made available in May 2022 for taxpayers to update their ITRs for fiscal years starting 2019-20.