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As per the provision, 25% of normal tax and interest will be charged for filing updated return from April 1, 2022 to March 31, 2023. For filing updated return from April 1, 2023 to March 31, 2024, tax will be up to 50% of normal tax and interest will be levied.
New Delhi: The Vice President, Shri M. Venkaiah Naidu today called for further simplifying the tax system to promote voluntary compliance and reduce litigation.Appreciating the government’s efforts to do away with complex and tedious processes, he ca
Vice President M Venkaiah Naidu on Friday said taxes needed to be collected to increase revenue but it must be done in a manner which is not arbitrary and unjust but transparent and user-friendly.
Finance minister Nirmala Sitaraman budgets for 25-year `Amrit Kaal'
A major dampener for the taxpayers is the requirement for the additional tax liability of filing the 'updated return'.