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 Mediation Act, 2023 was officially announced by the Central Government in India on September 15, 2023.
The full form of RTI is the Right to Information, which is governed by a revolutionary law namely, the Right to Information Act, 2005. The main objective of RTI Act is to promote transparency in government institutions in India.
From this new year we are starting a New Series on "Personal Finance" (Arthneeti) where we will be talking about how to manage your finances in an effective way.
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.
Meet Tanay Bhageria, a brilliant achiever from Ahmedabad who has clinched AIR-2 at the CA Intermediate level. His success stands as a testament to his unwavering dedication and hard work. The entire community joins in the celebration of this momentous achievement.
Kerala High Court on 8th December 2023, permitted the rectification of mistake in GSTR 3B filed by the petitioner in the Case of Chukkath Krishnan Praveen vs. State of Kerala, where mistakes were made in tax head while claiming ITC.
This article examines the key aspects of the case, analyzes the legal principles involved, and explores the implications for taxpayers navigating the GST refund process.
Few days ago, I appealed ICAI to raise professional misconduct fund, even posted at my LinkedIn handle regarding ICAI to bring some insurance scheme to cover risks of CA from paneities and fines up to 50 lac to 1 crore with a nominal premium every year
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