revised ITR.
In Budget 2021, the time for filing revised ITR was reduced by 3 months, i.e. from the end of an assessment year (March 31) to December 31 of the year. In the Budget speech, Finance Minister Nirmala Sitharaman stated that with technological upgrade in the income tax department, the processes are becoming extremely efficient and hence, the last date for filing of belated or revised returns of income was being reduced by three months.
While the advancement of these deadlines helps in processing and closing tax assessment for taxpayers, clearing of cases and also aids faster processing of tax refunds, it does create challenges for some taxpayers.
Residents liable to tax in more than one jurisdiction
Investors looking for twin engines of quality and growth.
India has a significant number of employees going overseas on projects and assignments. As a result of working in a foreign country, they would be liable to pay tax in that foreign country. Such employees would be subject to tax in India as well on foreign income, if they continue to qualify as resident and ordinarily resident (ROR) in India. These individuals would need to file tax return in the foreign country and also in India to claim tax credit for taxes paid in the foreign country.
BUDGET'24 Theभारत MomentIn India, ITR filing deadline is July 31 but the full data on the foreign tax credit of the individual would be available to him/her only by say April-end of the following year. It is important to note that in most foreign countries, the
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