Budget 2022 : Facility to Revise old Income Tax Returns
Factors in mind
Earlier, The Normal Time to Revise IT Returns had fallen to just 3 months or even less, due to extension of dates of filing till January / February.
AIS : Annual Information Statement : New concept started in Dec 2021…
People are realising that they had missed a lot in their IT Returns. Like some small mutual fund sales, some sale of shares, some bank interest, some income tax refund interest, some FD interest, etc etc
So, after seeing the AIS of old years, when they wanted to come clear, they had no option to revise the return. Since last date was already gone.
The option was, to apply to the officer, and go via a long manual process, which was surely undesired.
First Good News is that now you can revise the return upto 2 years, and “OWN up” the missing incomes, etc
and pay the difference tax if any.