NEW DELHI: Union Budget 2022-23 eased certain compliances for taxpayers. Even though there was no change in income tax slabs or standard deduction limit, the ease in compliance process and capping of surcharge at 15% on long-term capital gains (LTCG) have been welcomed by the industry.
Based on a trust-based governance mechanism, the Finance Bill has now allowed taxpayers to file an updated return within two years from the end of the relevant assessment year from three months at present. However, taxpayers do have to pay the price for omissions or mistakes in the form of additional tax.
