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“I would want to take a moment to thank all of our nation’s economic taxpayers who have contributed enormously and reinforced the government’s hands in assisting their fellow citizens in this hour of need,” FM Nirmala Sitharaman said as she began the direct-tax portion of her Budget address.

Aside from the token, there isn’t much in the Union Budget 2022-23 to be thankful about. Taking a glass-half-full perspective, there are no new taxes. However, there remains the promise of ‘Updated Returns’ in the event that individuals discover they owe the government more than stated on their Income Tax Return for a given year.

If a person makes an error in calculating the amount of tax payable, he or she can file an ‘Updated Returns’ form.

The Finance Bill contains the full text of the proposal. “It is a positive step toward voluntary tax compliance,” the FM stated.

 

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