1.
According to the budget, if a person wants to update his income in tax filings, how many years will he have?
A
1 Year
B
2 Years
C
3 Years
D
4 Years
View Answer
Correct Answer: B — 2 Years
Explanation:
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.