Updated Return (ITR-U)
Definition
A facility allowing Indian taxpayers to file or correct a return for a past year beyond the normal revision window, generally on payment of additional tax. It cannot be used to reduce tax or claim a refund.
Related Terms in India GST
Self-Assessment Tax
The balance of income tax a taxpayer pays on their own computation before filing the return, after accounting for TDS, TCS and advance tax already paid. Interest may apply on amounts not covered by advance tax.
Interest under Sections 234A/234B/234C
Interest charged under India's income-tax law for late filing of the return (234A), shortfall in payment of advance tax (234B), and deferment of advance-tax instalments (234C). Each is computed differently on the shortfall.
Professional Tax
A state-level tax on income from employment, trade or profession levied by several Indian states, usually deducted by employers from salary and deposited with the state. Rates and slabs vary by state.
TAN Application
The process of obtaining a Tax Deduction and Collection Account Number, which any person deducting or collecting tax at source in India must hold before depositing TDS or TCS and filing the related returns.
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