IT Dept scrutinizes political donations ₹5L+ for tax fraud. Learn about Section 80GGC/80GGB, penalties, and steps to ensure compliance before March 2025.
Ever missed a tax deadline or realized you underreported income in a past return? The Income Tax Department offers two remedies: Updated Returns (ITR-U) and Condonation of Delay. While both address late filings, they serve different purposes. Let’s break down their differences in plain language to help you choose the right option.
Indian government has introduced a taxpayer-friendly GST Amnesty Scheme under Section 128A of the CGST Act, 2017, effective from November 1, 2024. This initiative aims to reduce litigation and provide relief to businesses by waiving interest and penalties for specific disputes.