This article gives you an idea of what the Updated Return is under the Income Tax Act 1961, for which Form U is recently notified by CBDT.
The CBDT has notified a new form for filing updated Income Tax returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax.
A testimony to that fact is a recent budget provision which imposes a tax on a high provident fund contribution, which would be done only by the high salaries individual.
Statutory Tax Compliance for the month of May 2022
As per records, Income Tax Department has noticed that some Forms are pending for UDIN update on the e-Filing Portal. Kindly update UDIN against pending forms on or before 30th April 2022.
Decisions of various courts, tribunal related to various sections of IT Act 1961
For the central government employees, the government was already contributing 14% of employee's wages towards employee's NPS account. Starting this FY, state government employees will receive a 14% contribution into their NPS account from their respective state governments.
If you are unsure about whether you are required to file an income tax return, then this article will help you get clarity. Read on to know more about it.
Friends, it is often said that a "Poem" conveys your thoughts in lesser words but with a greater impact. So, here is my "Poetic Tribute to the New Era of Faceless Assessments" in my Poem titled, "What's in a Face?". The entire scheme of Faceless Assessments has been explained beautifully in a poetic manner in this Poem.
Karnataka HC rules that non-compete fees paid to key employees at the time of joining is in the nature of "salary income".
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
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