Previous Year vs Assessment Year
Previous Year and Assessment Year are two important terms that every tax payers should understand as both the terms are very important from Income Tax point of view.
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.
Union Budget 2022-23: Mobile App
Union Budget 2022-23 will be presented in paper less format on 1st February 2022 and ministry of Finance through its recent notification informed to the various stakeholder that once the budget will be presented in Parliament, then it will be available on its mobile application
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.