SEBI Grade A Current Affairs — 9 September 2026

CBDT has reported that over 1.32 crore updated income-tax returns were filed in the four years since the introduction of the ITR-U facility under Section 139(8A) of the Income Tax Act. This voluntary compliance mechanism, introduced in the Union Budget 2022-23, generated ₹16,083 crore in additional tax revenue. The scheme allows taxpayers to correct omissions or errors in originally filed returns by paying additional tax, reducing litigation and broadening the tax base.

Section 139(8A), introduced via the Finance Act 2022, created the 'Updated Return' or ITR-U facility. Before this, taxpayers who missed declaring income or made errors had very limited post-deadline options; they could only revise returns within the same assessment year. ITR-U expanded this window significantly — originally to two years beyond the relevant assessment year, and subsequently extended to four years in Budget 2025-26 — but at a cost: taxpayers must pay additional tax of 25% of aggregate tax and interest if filed within 12 months, rising to 50% if filed between 12 and 24 months, and further slabs for later filings.

The mechanism works as a voluntary compliance nudge: instead of the department initiating scrutiny and prosecution for under-reported income, taxpayers self-correct and pay a premium. This reduces the litigation pipeline, lowers administrative burden on the department, and increases revenue without adversarial enforcement.

For exam purposes, this connects to three key themes: (1) direct tax reform and fiscal consolidation — higher voluntary compliance reduces the fiscal deficit pressure; (2) the Union Budget as a policy instrument — ITR-U was a Budget 2022-23 provision, making its outcome data exam-relevant in the 'fill the blank' template; and (3) the broader principle of tax buoyancy and widening the tax base without raising rates. The ₹16,083 crore figure and 1.32 crore return count are the two withheld-datum candidates the examiner will exploit.

India formally joined a global 6G alliance, finalising the decision during a bilateral meeting with US officials on the sidelines of the G20 Summit. The engagement also covered semiconductors and artificial intelligence, marking a significant broadening of India-US technological cooperation. The move positions India within an emerging coalition of nations seeking to shape next-generation wireless standards, supply chains, and governance frameworks before 6G technology reaches commercial deployment.

6G refers to the sixth generation of wireless communications technology, expected to succeed 5G commercially around 2030. Unlike 5G, which primarily enhanced mobile broadband and enabled IoT at scale, 6G is projected to integrate artificial intelligence natively into network architecture, enable terahertz-frequency communication, and support applications like holographic communication and ultra-precise sensing. Crucially, 6G will not merely be a faster network — it will be an intelligent, programmable infrastructure layer underpinning everything from autonomous systems to national security communications.

The geopolitical stakes are enormous. 5G saw intense rivalry between Western nations and China, primarily over Huawei's dominance. 6G alliances are being formed now — before standards are set — precisely to prevent a repeat. India joining a US-led 6G alliance signals that it intends to be a standard-setter, not merely a technology consumer.

The broader India-US tech architecture being discussed includes semiconductors, where India is building domestic fabrication capacity under the India Semiconductor Mission (ISM), and AI, where both countries have aligned on democratic AI governance principles. These three pillars — 6G, semiconductors, AI — form the backbone of the iCET (Initiative on Critical and Emerging Technologies) framework launched by PM Modi and President Biden in 2023, making this G20 engagement a continuation of a deeper strategic technology partnership, not an isolated announcement.