Disclosure of unreported income under e-Verification Scheme offers tax regularisation; failure to update returns can trigger IT Act proceedings. The e-Verification Scheme 2021 permits voluntary disclosure and payment of tax on income omitted from a filed return, allowing taxpayers to update returns ... Summary
Disclosure of unreported income under e-Verification Scheme offers tax regularisation; failure to update returns can trigger IT Act proceedings.
The e-Verification Scheme 2021 permits voluntary disclosure and payment of tax on income omitted from a filed return, allowing taxpayers to update returns to regularise such income; failure to do so may lead the Department to initiate proceedings under the Income Tax Act.
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