1. What is an “Updated Return” (ITR-U)? An Updated Return (or ITR-U) is a special type of income tax return that allows a taxpayer to correct or update previously filed ITRs (original, belated, or revised) for past years, including adding omitted income, correcting errors, etc. It is provided under section 139(8A) of the Income-tax Act.… Continue reading Updated Return (ITR-U) Rules: A Comprehensive FAQs for Indian Taxpayers
Income tax is a crucial part of a nation’s revenue system, and the Income Tax Department monitors tax compliance diligently. A taxpayers may receive an Income Tax Notice due to discrepancies or issues found in their returns or financial transactions. Receiving a notice doesn’t always mean trouble, it may simply be a routine verification. However,… Continue reading Why Did You Get an Income Tax Notice? Causes & Expert Solutions
The applicability of Tax Audit in India is governed by Section 44AB of the Income Tax Act, 1961. It lays down the threshold limits and conditions under which an audit of accounts is mandatory for businesses and professionals. Applicability of Tax Audit What is Tax Audit? A tax audit is an examination and review of… Continue reading Applicability of Tax Audit in India: Complete Guide for Businesses & Professionals
We have launched a range of Chartered Accountants Services for families along with a complete income tax filing product suite covering ITR-1 to ITR-7. With the launch of our families division, we aim to help millions of Indians with financial literacy, compliance and investment.
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