TDS Reconciliation Analysis and Correction Enabling System (TRACES) has implemented a new procedure for Nil TDS return filing with the fiscal year 2014-15. This is applicable to taxpayers who did not deduct any taxes during the applicable quarter. In this system, the deductor is required to state the reason for not filing a TDS return for a specific quarter.
All partnership firms are required to file income taxes, either manually or digitally. Income tax for a company can be validated with a digital signature or an electronic verification code (EVC).
India is continuously proving to be the favourite spot for investment for Foreigners and NRIs, that is the reason that India has seen a steady in flow of global companies coming to India, set up their business and expand their operations in India.
Incredible India has become the hot spot to start a business amongst NRI and OCI. India is the fastest growing economy currently and is ever developing country for decades now. India is a promising destination to start a new business. Currently the manufacturing sector is booming and also backed up by vast skilled and cheap labor, consumption demand remains strong and hence, the investors gets attracted towards company registration in India and to invest in the country.
Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax 'Updated' Return Type. Section 139(8A) enables the filing of "Updated Return" (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022.
The Central Board of Direct Taxes (CBDT) has now notified a new Form ITR-U for filing updated Income Tax Returns in which taxpayers will have to give the exact reason for filing it along with the amount of income to be offered to tax. The new Form ITR-U will be available to taxpayers for filing updated K Income tax returns for 2019-20 and 2020-21 fiscals. The present article briefs the Form ITR-U for filing Updated Return.
