ITR-U, known as Updated Return, enables individuals to rectify mistakes or omissions in their income tax returns. Introduced in the Union Budget 2022 offers taxpayers to file ITR if they have unintentionally left out a source of income or committed errors in their initial ITR submission, Section 139(8A) of the Income Tax Act grants a two-year period for corrections.
The case involves an individual assessee whose residential status is under dispute for the assessment year 2013-14. A search and seizure action was conducted in the case of Matix (Nishant Kanodia) Group, and the assessee's case was centralized to the office of the Assistant Commissioner of Income Tax, Central Circle-5(1), Mumbai.
Taxpayers who had missed filing their ITR and in some cases taxpayer discover some omissions or mistakes in their ITR already filed and want to alter some information but they are unable to do so after 31 Dec of the next year. Income tax department under sections 139(8A) allows those taxpayers to file an updated return in prescribed form i.e ITR-U.
Understanding tax concepts is very crucial as its helps individuals and businesses to plan their finances more effectively.
05 January 2024 at 09:19
The Due Date for Filing Belated Income Tax Returns or revising ITR for Financial Year 22-2023 was 31st December 2023.
The CBDT vide Notification No. 104/2023 dated December 19, 2023, issued the Income-tax (Twenty-Ninth Amendment) Rules, 2023, amending Rules 10TA and 10TD of the Income Tax Rules, 1962 ("the IT Rules").
The dusty plains of Gujarat witnessed a landmark legal victory for taxpayers on December 21, 2023. The Gujarat High Court, in a case with far-reaching implicati..
The latest circular on TDS (Tax Deducted at Source) for online transactions brings some key clarifications. Don't get lost in the technical jargon - This detailed guide simplifies it all!
The Income-tax Law implements a system of tax deduction at the moment of income generation to facilitate speedy and effective tax collection. In this system, Tax is deducted by the payer and is remitted to the Government by the payer on behalf of the payee.
30 December 2023 at 15:08
In the course of business, it happens that many payments are made outside India. When payments are made outside India, there are certain compliances that need to be followed and tax deduction is required for any amount that is taxable under the Income Tax Act.
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