Revised Itr News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The government in Budget 2021 reduced the time limit to file revised income tax return by three months i.e., from March 31 to December 31. Earlier an individual used to get time till end of the assessment year to file their revised ITR but now they have three months less to do the same. This has created issues for those who used to file revised ITR to claim correct tax credit on foreign incomes.

CII has sought that capital gains tax from equity and debt mutual funds and other assets be made uniform to bring about simplicity and consistency.

Under Section 234F, a penalty of ₹ 5,000, or ₹ 1,000 is levied for small taxpayers, and a 1 per cent per month penal interest under Section 234A is applicable on pending tax payment.

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Contrary to popular belief, the tax department allows taxpayers to revise their tax returns after receiving a tax notice