Tehran says it is the first time Russia has launched privately built Iranian satellites
europe2 hours ago
A new provision to file updated Income Tax returns (ITRs) within two years of the relevant assessment year was announced by Indian finance minister Nirmala Sitharaman in her budget speech on Tuesday.
The new provision will ensure voluntary tax filing and reduce litigation, said the minister. “To provide an opportunity to correct an error, taxpayers can now file an updated return within two years from the relevant assessment year," she said.
At present, an individual taxpayer gets time till December 31 (unless it is extended by the government) to update the ITR and provide a correct picture of income earned from various sources during the financial year.
Individual taxpayers will now get more time to file updated returns in case the person has missed declaring the income at the time of filing returns.
“Trust based governance as a concept is now also being introduced in the income-tax law,” said Ritesh Kumar, partner, IndusLaw. “In case of omissions and mistakes, a new provision is announced to file an updated return to revise and make payment of appropriate taxes, which can be filed within two years from the relevant assessment year. It promotes trust-based governance.”
ALSO READ:
The government has also decided to reduce the corporate surcharge from 12 per cent to seven per cent, said Sitharaman. The tax deduction limits of both central and state government employees will be increased from 10 per cent to 14 per cent to help both at par.
Tehran says it is the first time Russia has launched privately built Iranian satellites
europe2 hours ago
Most companies are facing a serious skill gap as enough professionals are not available
business2 hours ago
The attacker, a security guard, is on the run while no one has claimed responsibility
asia2 hours ago
While the UAE introduced a 9 per cent corporate income tax in 2023, Oman has proposed to levy income tax on the rich
business2 hours ago
Four notable listings completed since the end of the quarter across a diverse range of sectors
markets2 hours ago
After a nine-month trial, the High Court found the duo guilty of stabbing the 34-year-old steeplechaser to death
africa3 hours ago
The programme helps the needy who have not previously performed the pilgrimage
uae3 hours ago
Palestinians fear the new attacks and orders for people to evacuate are aimed at emptying two northern Gaza towns to create buffer zones
mena3 hours ago