Budget 2025: Tax Return Duration Extension Update; Four years now

Budget 2025: Around 90 lakh taxpayers voluntarily updated their income by paying additional tax since 2025: Union Finance Minister Nirmala Sitarman said on 1 February. Nirmala Sitarman has said that the updated return filing period has been extended from two years to four years. That is, ITRS can be updated for the last four years. Or you can enter new ITRs for the last four years.

Income tax details of budget 2025

In his budget speech, Finance Minister Sitarman said, “Taxpayers have volunteered to voluntarily reveal their income in 2022. We have proved that our faith in taxpayers is true. Around 90 million taxpayers have been true. Owing to pay additional tax. Budget speech, I am now proposing to extend the current limit to four years to file updated returns for any evaluation year.

New IT bill

The Finance Minister has promised to bring into a simple and attractive new law to change the six decades of old income tax law of regulating the income tax system, which will inspire ‘justice’ in the Indian legal style.