On 1 February 2025, India's Minister of Finance Nirmala Sitharaman delivered the Union Budget for 2025-2026. Some of the main proposed tax measures include:
- Encouraging voluntary compliance through the extension of the time limit to file updated returns for any assessment year from the current limit of two years to four years, with:
- the additional tax payable is equal to 25% of the aggregate of tax and interest payable on additional income when filing an updated return during the period with…