Budget 2025, Feb. 1 -- The Union Finance Minister Nirmala Sitharama on while presenting the Union Budget on February 1 said that nearly 90 lakh taxpayers voluntarily updated their incomes by paying additional tax.

With this, the Finance Minister extended the time-limit for filing the updated returns from two years to four years.

In her budget speech, Finance Minister Sitharamn said, "In line with this, we brought in updated return facility in 2022 for voluntary compliance by taxpayers who had omitted to report their correct income. Our trust in taxpayers was proved right. Nearly 90 lakh taxpayers voluntarily updated their incomes by paying additional tax. Taking this trust further, I now propose to extend the time-limit to file updated ...