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According to the budget, if a person wants to update his income in tax filings, how many years will he have?
Correct Answer: B — 2 Years
The correct answer is 2 Years. The proposed law allows taxpayers to update their ITR up to 2 years from the end of the relevant assessment year if they missed including any income. An additional tax of 25%–50% on the tax and interest due on the additional income is payable. This is proposed via a new sub-section (8A) in Section 139 of the Income-tax Act, 1961.