Tax Mistakes.. Relief from Punishments!
The budget has provided relief to taxpayers in some matters. The prepayment required before appeal has been reduced from 20% to 10%. Returns can be updated with an additional tax of 10%, even if reassessment is started. There is no jail term for not disclosing foreign assets up to ₹20 lakh. A single order will be issued for assessment and penalties. There will be no punishment if 100% additional tax is paid even if a wrong report is reported.
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