9 Lakh Returns, Rs 9,118 Crore: The Updated ITR Trend

Informed by the Parliament, over 90 lakh updated Income Tax Returns have been filed in the past four years, fetching Rs 9,118 crore. The government extended the time for filing updated returns to four years to encourage compliance. Minister Pankaj Chaudhary disclosed recent filing figures.

In a significant update from the Parliament, over 90 lakh updated Income Tax Returns have been filed in the last four years, resulting in Rs 9,118 crore being collected by the exchequer.

To incentivize voluntary compliance, the government introduced the option for taxpayers to submit updated I-T returns (ITR-U) up to two years after the relevant assessment year in 2022. This move involves taxpayers paying an additional income tax.

Through the Finance Bill 2025, it has been proposed that the time limit for filing updated returns be extended to four years. Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha, highlighted that in the current assessment year alone, taxes of Rs 431.20 crore have been paid through 4.64 lakh updated ITRs as of February 28.

The figures for previous assessment years also reflect substantial taxpayer activity, with 29.79 lakh ITR-Us filed and Rs 2,947 crore in additional taxes for AY 2023-24, and 40.07 lakh and 17.24 lakh ITRs filed in AY 2022-23 and AY 2021-22, respectively, bringing in additional taxes of Rs 3,940 crore and Rs 1,799.76 crore.

A cumulative total of over 91.76 lakh ITR-Us filed from AY 2021-22 to AY 2024-25 underscores the government's success in encouraging tax regularization, adding significant revenues to the national treasury.

(With inputs from agencies.)