Stay updated with breaking news from Filed Itr. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Once the income tax return is processed by the tax department, then they can send you a tax notice. The notice can be in the form of acknowledgement (if your calculation matches with that of income tax department) or there may be additional tax demand notice. Here is how an individual should deal with the income tax notices in five steps.
The Budget 2022 amended the income tax laws to allow a taxpayer to file updated return using ITR-U form. However, the income tax laws has clearly defined the instances where a taxpayer can and cannot file updated return. The aim of allowing taxpayers to file updated return is to increase the voluntary compliances and avoid litigation.
You have submitted your ITR and yet to verify it. However, at this stage you discover a mistake made in the filed ITR. Can you skip verifying the wrong ITR and upload a fresh one without any mistakes? Read on to know what chartered accountants have to say about this.