Budget 2022-23 promotes Voluntary compliance and reduced Litigation
Budget 2022-23 proposed to introduce a new sub-section i.e. Sub-section 8(A) to section 139 whereby taxpayer will be provided with a benefit to file updated return within 24 months from end of relevant assessment year.
Taxability of Leave Salary
Leave salary is an part of salary component which accrues to every employee and this income pertains to the leaves not availed by employee during the year.
Taxability of Salary Income- Important things to know
Provisions for Income under head salary contained in Section 15, 16 and 17 of the Income Tax Act 1961.
Section 15 deals with chargeability, section 16 contains provision related with Deduction and section 17 deals with meaning of salary, perquisite and profit in lieu of salary.
Accounting Policies (ICDS-1)
According to ICDS-1, accounting policies have to be followed on consistent basis and any change in the accounting policy will be made only if there is an reasonable cause