Financial Planning
AMENDMENTS IN ITR U
Budget 2025 amended the rules for filing ITR-U. As per the new rules, ITR-U can be filed within 48 months from the end of the relevant assessment year. Earlier, taxpayers were allowed to file the updated return within 24 months from the end of the relevant assessment year. Now, taxpayers get an extra two years to file updated returns.
Precaution while filling income tax return
A person having business income must be careful while filing the ITR for the current year and ensure that the sales data matches the GST returns. Any mismatch can lead to notices or queries from the department.
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