Govt Gets Rs 9,118-Cr Addl I-T Revenue

New Delhi: Over nine million updated Income-Tax Returns (ITRs) have been filed over the last four years, which helped the government raise an additional revenue of Rs9,118 crore, reflecting the success of the voluntary compliance scheme introduced by the Government, Parliament was informed.

The government in 2022 had introduced the option for taxpayers to file updated I-T returns (ITR-U) up to two years from the relevant assessment year (AY) by paying additional income-tax as part of a scheme to encourage voluntary compliance,

Cumulatively, between AY 2021-22 to AY 2024-25, over 9.176 million ITR-Us were filed which fetched additional taxes of Rs9,118 crore to the government, Minister of State for Finance Pankaj Chaudhary said in a written reply in the Lok Sabha. In the current assessment year (2024-25) till February 28, around 464,000 updated ITRs have been filed and taxes of Rs 431.20 crore paid, the minister said.

Through Finance Bill, 2025, the government has proposed to extend the time limit for filing updated returns to up to four years from the relevant assessment year.