ITR-U & Sec 234B
While processing ITR-U, CPC is levying interest u/s 234B up to the date of processing instead of date of filing of ITR-U.
This appears to be a misinterpretation of Section 234B.
Verify intimations carefully and consider rectification / appeal, as appropriate.
Mandatory reporting of Foreign Assets and Foreign Income is not applicable to Non-resident individuals.
Important to check if you were resident or non-resident before reporting Schedule FA in the income tax return.
#IncomeTax
📌 Audit Report Reminder:
Don’t forget to include this line in Companies Audit Report 2025 👇
"Additionally, the audit trail has been preserved by the company as per the statutory requirements for record retention."
#Audit#CompaniesAct#incometax#extendduedateimmediately