Direct Tax:-

The new provision will permit taxpayers to file an Updated Return on payment of additional tax. This updated return can be filed within two years from the end of the relevant assessment year. It is an affirmative step in the direction of voluntary tax compliance.

Impact: It will enable the assessee to declare the income that might have missed out earlier while filing the return. The lengthy process of adjudication by the department can be avoided.

Annual Aggregate turnover computation (FY 2021-22)

The functionality of AATO for the FY 2021-22 has now been made live on taxpayers’ dashboards with the following features:

• The taxpayers can view the exact Annual Aggregate Turnover (AATO) for the previous Financial Year (FY).
• The taxpayers can also view the Aggregate Turnover of the current FY based on the returns filed till date.

The taxpayer can amend the turnover twice within the month of May 2022.