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TAXPAYERS CAN FILE UPDATED INCOME TAX RETURN WITHIN TWO YEARS TAX RELIEF TO PERSONS WITH DISABILITY TAX DEDUCTION LIMIT ON EMPLOYERS CONTRIBUTION TO NPS ACCOUNT OF STATE GOVERNMENT EMPLOYEES INCREASED TO 14% FROM 10% INCOME FROM VIRTUAL DIGITAL ASSETS TRANSACTIONS TO BE TAXED AT 30% NEW STEPS TO AVOID REPEAT LITIGATIONS WITH TAXPAYERS The Government proposes to permit taxpayers to file an updated return on payment of additional tax within two years from the end of the relevant ass
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FAQ :
Yes, taxpayers can now file an updated Income Tax Return within two years from the end of the relevant assessment year, upon payment of an additional tax.
Filing an updated ITR provides taxpayers with an opportunity to correct any omissions or mistakes in estimating their income for tax payment, promoting voluntary tax compliance.
Income from the transfer of any virtual digital asset will be taxed at 30%. No deductions will be allowed except for the cost of acquisition, and losses cannot be set off against other income.
The government proposes to allow payments of annuity and lump sum amounts to differently-abled dependents during the lifetime of parents/guardians, even before the subscriber reaches the age of sixty.
The tax deduction limit on the employer's contribution to the NPS account for state government employees has been increased to 14% from the previous 10%.
The government will defer further appeals by the department if a question of law in an assessee's case is identical to one pending before the High Court or Supreme Court, until that question is decided.
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