income tax return

A taxpayer who did not file income tax return in the past or missed to report correct income can now rectify the same by filing updated returns (ITR-U) by paying additional charge for the assessment years (AY) 2020-21 and 2021-22. The…

A record 72.42 lakh income tax returns were filed on the last day of such filing on July 31, taking the cumulative returns to 5.83 crore, near to the same levels of last year. While initially income tax return (ITR) filing was slow, the…

In order to discourage and monitor cash transactions, the government amended Section 194N of the Income-tax Act with effect from July 1, 2020. According to the revised provision, a bank is required to deduct TDS at 2% when cash…