ENA State 2022-02-01 12:22:20 <p><strong>New Delhi, Feb 1 (KNN)</strong> The announcement of tax returns within 2 years of its filling will help micro enterprises since they do not have separate departments to look into it, said Deepak Kajaria President of Orissa Small Scale Industries Association (OSSIA).</p> <p>The Union Budget 2022-23 presented in the Parliament today proposes to permit taxpayers to file an updated return on payment of additional tax within two years from the end of the relevant assessment year.</p> <p>Union Finance &amp; Corporate Affairs Minister Nirmala Sitharaman while presenting the Union Budget 2022-23 in the Parliament today said this would give taxpayers an opportunity to correct any omissions or mistakes in correctly estimating their income for tax payment. </p> <p>She pointed out that currently, if the department finds out that some income has been missed out by the assessee, it goes through a lengthy process of adjudication, the new proposal would repose trust in the taxpayer. She said It is an affirmative step in the direction of voluntary tax compliance.</p> <p>Reacting to this, OSSIA said, Micro enterprises clearly had more expectations from the union budget such as creation of separate ministry for micro enterprises. </p> <p>Micro enterprises also anticipated for a more liberalise labour law so that more employment could have been generated, Kajaria stated. </p> <p>Further micro businesses were also looking coward to the easing of raw material prices and announcements of a more robust marketing policy for micro manufacturing enterprises. </p> <p>He also emphasised on the proactive prioritisation of investment in Drone driven Startups and extension of tax exemption by another one year. </p> 28253 https://knnindia.co.in/news/newsdetails/state/tax-return-within-2-years-to-benefit-micro-enterprises-ossia 2022-02-01 12:22:20 knnindia.co.in