Circular No. 21/2024 dated 31.12.2024
CBDT issued Circular No. 21/2024 dated 31.12.2024 regarding Extension of due date for furnishing belated/revised returns of income for the Assessment Year 2024-25 in certain cases.
Tag: revised return
Trade and tax bodies push for revised return provisions in Union Budget 2025
Trade and tax professional organisations anticipate a revision of the late free structure and inclusion of provisions for revised returns in the goods and services tax (GST) in the upcoming Union Budget 2024, which will be presented by finance minister Nirmala Sitharaman in Feb.
No penalty for income concealed if taxpayer corrects error in revised return
The Income-Tax Appellate Tribunal (Mumbai bench) has ruled that a penalty for concealment of income cannot be imposed if a taxpayer has rectified all errors in a revised return.