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Updated Return (ITR-U) u/s 139(8A) Income Tax Guide Budget 2022 has introduced the new section 139(8A) in Income Tax Act, 1961. Refer budget update @ Introduction of new Income Tax ‘Updated’ Return Type. Section 139(8A) enables the filing of “Updated Return” (aka ITR-U) by the taxpayers. Section 139(8A) has come into effect from 01st Apr 2022. Updated Returns can be filed by the taxpayers who have not filed the return or have filed the returns u/s 139(1)- Original, 139(4)-Belated and 139(5)-Revised. The Objective of introducing this facility is to promote voluntary tax compliance and reduce litigation. 1. Persons eligible for filing Updated Return u/s 139(8A) All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the taxpayers needs to meet the following criteria to file the updated returns The Updated return can be filed only if the taxpayer has not filed the return of income earlier or there are errors/omissions in original filed return. The Updated return can be filed only if the taxpayer has to disclose any additional income which was missed earlier and should pay additional taxes. 2. Persons not eligible to file Updated Return u/s 139(8A) All persons (Individual, HUF, Firms/LLP, Companies, AOP, BOI etc) are eligible to file Updated returns u/s 139(8A). But the updated return cannot be filed in below cases. If it is Return of Loss. If it has the effect of decreasing the tax liability or increasing the refund. A search has been initiated u/s 132 or books of accounts or other documents or any assets are requisitioned u/s 132(A). A Survey has been conducted u/s 133A other than Section 133A(2A). If any Assessment is pending or completed. If Assessing Officer has information about the assessee under specified acts . If any information has been received u/s 90 or 90A and same has been communicated to him before the date of furnishing updated return. If any Prosecution proceedings have been initiated before the date of furnishing updated return. If the taxpayer belongs to such class of persons as notified by board. Updated Return (ITR-U) u/s 139(8A) Income Tax Guide Dearness Allowance (DA) – Meaning, Types, DA Calculation & Taxes Sending a Legal Notice for Money Recovery: Format and Procedure 3. Time Limit to file Updated Returns The time limit for filing updated returns is 2 years from the end of such relevant assessment year For AY 2020-21 (FY 2019-20): The due date for filing updated return is 31st Mar 2023. For AY 2021-22 (FY 2020-21): The due date for filing updated return is 31st Mar 2024. For AY 2022-23 (FY 2021-22): The due date for filing updated return is 31st Mar 2025. For AY 2023-24 (FY 2022-23): The due date for filing updated return is 31st Mar 2026. 4. Penalty / Additional Tax Payable Updated return can be filed only with the penalty. The penalty for filing Updated return is as follows Filed within 12 months from the end of relevant assessment year: Penalty is 25% of aggregate of tax and interest payable on filing of updated return Filed after 12 months from the end of relevant assessment year: Penalty is 50% of aggregate of tax and interest payable on filing on updated return Note: Section 140B provides for payment and computation of tax, interest, fee and additional income tax on updated return 5. ITR Form for filing Updated return and details required “ITR-U” has been notified by the Income Tax Department for filing updated return u/s 139(8A). The following are the details required to be furnished in ITR-U. The following are the information required to be given in ITR-U apart from the general information

All public sector employers pay basic salaries to their employees according to the respective pay scale. Several other components are then calculated with respect to the basic salary and are then added to it to calculate the take-home amount. One such important component is Dearness Allowance or DA. What is Dearness Allowance? Dearness Allowance is paid by the government to its employees as well as a pensioner to offset the impact of inflation. The effective salary of government employees requires constant enhancement to help them cope with the increasing prices. Despite several measures by the government to control the rate of inflation, only partial success has been achieved because the prices move according to the market.  It, therefore, becomes essential for the government to shield its employees from the adverse effects of inflation. As the impact of inflation varies according to the location of the employee, dearness allowance is calculated accordingly. Thus, DA varies from employee to employee based on their presence in the urban, semi-urban or rural sector. Calculation of Dearness Allowance(DA). As DA is provided to employees to protect against the price rise in a particular financial year, it is calculated twice every year – in January and July. The formula to calculate the dearness allowance was changed in 2006 by the Government. Presently, DA is calculated as per the following formula: For Central Government Employees DA% = [(Average of AICPI (Base Year 2001 = 100) for the last 12 months – 115.76)/115.76] x 100  For Public Sector Employees DA% = [(Average of AICPI (Base Year 2001 = 100) for the last 3 months – 126.33)/126.33] x 100 Here, AICPI means the All-India Consumer Price Index. Treatment of Dearness Allowance under Income Tax As per the latest updates, DA is fully taxable for salaried employees. If the employee has been provided with an unfurnished rent-free accommodation, it becomes that part of the salary up to which it forms the retirement benefit salary of the employee, provided that all other pre-conditions are met. The Income Tax rules in India require the dearness allowance component to be mentioned separately in the returns that have been filed. Types of Dearness Allowance For calculation, DA is divided into two separate categories: Industrial Dearness Allowance and Variable Dearness Allowance. Industrial Dearness Allowance (IDA) applies to the Public sector employees of the Central Government. The Industrial Dearness Allowance for public sector employees undergoes quarterly revision depending on the Consumer Price Index (CPI) to help offset the impact of rising levels of inflation. Variable Dearness Allowance (VDA) applies to the employees of the Central Government. It is revised every six months according to the Consumer Price Index to help offset the impact of rising levels of inflation. VDA in itself is dependent on three different components as given below. Role of Pay Commissions in the calculation of Dearness Allowance The 7th Pay Commission   must evaluate and change the salaries of public sector employees based on the various components that make up the final salary of an employee. Therefore, DA is also considered by the Pay Commissions while preparing the subsequent pay commission report. It is the responsibility of the pay commissions to take into account every factor that helps with the calculation of the salaries. This also includes the periodic reviewing and updating of the multiplication factor for the calculation of DA. Latest changes in DA The Dearness Allowance (DA) for central government employees has recently been hiked by 4%, bringing it to 50% from the previous rate of 46%. This increase is effective from January 1, 2024.  Additionally, Dearness Relief (DR) for central government pensioners has also risen by 4% to reach 50%.  Let’s break down how this change impacts the take-home salary of central government employees using an example: Suppose a central government employee has a basic salary of Rs 45,700 per month. Previously, at a DA rate of 46%, their dearness allowance was Rs 21,022. With the new DA rate of 50%, their dearness allowance will increase to Rs 22,850. This means they will receive an additional Rs 1,828 in their salary (Rs 22,850 – Rs 21,022).  According to the recommendations of the 7th Pay Commission, other allowances and components of the salary will also increase when DA reaches 50%. These include House Rent Allowance (HRA), daily allowance, gratuity ceiling, hostel subsidy, Children’s education allowance, Special allowance for childcare, TA on transfer and Mileage allowance for own transport. These adjustments help central government employees keep up with the rising cost of living. In summary, central government employees can expect a significant boost in take-home salary due to the recent DA hike. Dearness Allowance for Pensioners Pensioners, in this case, are those retired employees of the central government who are eligible for either the individual or family pension from the government. Every time the Pay Commission rolls out a new salary structure, the change is also reflected in the pension of the retired employee. Likewise, if the Dearness Allowance is changed by a particular percentage, the pension of the retired personnel is revised accordingly. Pensioners cannot get DA when re-employed, and DA is granted on a time scale or fixed pay. However, pensioners can sometimes get DA when they are re-employed, limited to their last drawn pay. DA is not paid to pensioners when they reside in a foreign country during re-employment. But pensioners residing abroad without being re-employed are eligible to get DA on their pension.  Difference between DA and HRA Dearness Allowance must not be confused with the HRA as they are two separate components and are treated differently for income tax. One significant difference is that HRA applies to both private and public sector employees, while only public sector employees are entitled to DA. Additionally, there are certain Tax exemptions applicable to HRA which are not available for the DA. Dearness Allowance Merger Ever since the revision of the calculation formula, the DA for public sector and central government employees has been consistently rising. Presently, it stands at 50% of the basic salary. This has been a

An economy involves lending and borrowing money to invest and circulate in the market. When the borrower fails to pay back the debts, which may be banks, institutions, groups, organizations, or individuals the lender may seek Legal Notice for Money Recovery. It is quite a simple step taken to recover the monetary value at risk. Often these disputes go to the court but majorly they are resolved through mediation. In certain cases, due to a lack of information on rights and remedies, people suffer huge losses. Others being aware of their rights are not able to get the remedies due to poor legal assistance. It is a means of restoration of the default amount. Legal notices are important in the legal process because they establish an official record of communication and are often a prerequisite before pursuing legal action. The civil remedy to possess your money back is done by suing the defaulter, that is by filing a suit in the court of capable jurisdiction. It requires all the documentation of the transactions related to the issue in legal notice. This article deals with the definition of legal notice when one is required to send a legal notice, the procedure and format of legal notice, and the result of ignoring legal notice. When is one required to send a Legal Notice? A legal notice for money recovery is sent by one party to the other when they have performed certain misconduct regarding monetary exchange. Serving a legal notice is the initial step toward recovery of money. A legal notice signifies an inferred lawsuit for non-payment of the dues. The content and format of a legal notice can be crucial, and it must adhere to legal requirements in your jurisdiction. The procedure of sending a Legal Notice for Money Recovery 1. Consult an attorney: This will provide you with a smooth functioning for further procedure. The attorney may draft a legal notice for money recovery. 2. Collect all the relevant information, including the debtor’s name, contact details, correspondence, and communication-related to debt. 3. Send a copy of the legal notice to the debtor by registered post, speed post, courier, or hand delivery. Ensure to collect the signature of the debtor acknowledging receiving the notice. 4. Precisely identify the parties to the suit and mention all the statements of fact in your notice. 6. Maintain Records: Keep copies of the legal notice, postal receipts, courier receipts, or any acknowledgment or delivery proofs. These records will be essential if you decide to initiate legal proceedings. 7. Debtor’s Response: In case the debtor agrees to the payment of the due amount enter a negotiation, whereas if the debtor gives no response or fails to repay the amount consult your attorney and proceed with legal action to recover your money. 8. Specify the outstanding amount and demand full payment within a reasonable period, usually 15 to 30 days from the date of the notice. State that failure to comply with the notice will result in legal action, which may include filing a lawsuit in the appropriate court. 9. Include contact information for the sender, including phone number and email address. The notice should be signed and dated by the sender or their attorney. The Format of A Legal Notice for Money Recovery A legal notice must be drafted in a specific format to ensure its legal validity and effectiveness. While you should consult with a legal professional to customize the notice according to your specific case, the following is a comprehensive format for a legal notice for money recovery: Legal Noticeto,the contents of the notice shall include the following:{the name and address of the debtor}Subject: Legal Notice in regards to Outstanding DuesDear Sir/Ma’am,{name of Creditor and details}{description of the business of creditor in regards}{details regarding the debt and the outstanding dues}{the amount of money the debtor is liable to pay to the creditor}{period specified by the creditor 15-30 days for payment of the amount due}{ details of modes through which the payment could be made including bank account details of the creditor}Bank Name: [Your Bank Name]Account Name: [Your Account Name]Account Number: [Your Account Number]IFSC Code: [IFSC Code]Branch: [Branch Name][Additional banking information if necessary]Yours Sincerelyname of Advocatetheir Signature And StampEncl: Acknowledgment copy[Attach a copy of the acknowledgment receipt to be signed by the debtor upon receipt of the notice] What is the period for filing a suit for recovery? There is a three-year window to file a case for a civil recovery claim from the date of cause of action has occurred. This period is given to avoid any restraints on the legal procedure. The ‘jurisdiction’ for filing a lawsuit shall be determined by considering the area where the defaulter resides. It might be different according to the jurisdiction and authority of the honorable court. Statutes of limitations are legal deadlines that determine how long a plaintiff has to initiate a lawsuit after the cause of action arises. The period for filing a suit for recovery varies based on the type of claim and the jurisdiction in which you are filing the lawsuit. Understanding the applicable statute of limitations is essential to preserving your legal rights and pursuing your recovery claim within the specified timeframe. One should also keep in mind the aspect of jurisdiction while filing a legal notice. What happens as a result of ignoring the Legal Notice? The result of not responding to notice is not an offense, but one must provide the facts and defense arguments for the record. If no answer is sent and the sender files a case, the court may draw a negative conclusive result against the other party. The first step to the resolution of a legal issue or dispute is legal notice, Ignorance of a legal notice may mean leaving behind an important opportunity for the resolution of an issue. These issues may have a long-lasting effect on one’s credit history and reputation including negative credit reporting. The sender of a legal notice may use the respondent’s lack of response as

Exchanging 100 Indian rupee in Pakistan yields 331.69 Pakistani rupees, showcasing the currency’s exchange rate dynamics. Indian Rupee Indian Rupee(₹) is the official currency of the Republic of India. The Reserve Bank of India(RBI) is the Central Bank of India which is responsible for controlling, maintaining, and circulating Indian rupees. Rupees which include coins of ₹1, ₹2, ₹5, ₹10, and ₹20 made from ferritic stainless steel are legal tender coins that are valid in the entirety of Indian state. Apart from this current circulating notes are ₹5, ₹20, ₹50, ₹100, and ₹ 500 of the Mahatma Gandhi series are also legal tender banknotes in circulation around the country. Pakistani Rupee Pakistani Rupee(Ps) is the official currency of the Islamic Republic of Pakistan. The State Bank of Pakistan(SBP) is the Central Bank of Pakistan which is responsible for maintaining and controlling the Pakistani Rupees. Pakistani Rupees include coins of Re 1, Ps 2, Ps3, Ps5  and Ps 10 along with banknotes of Rs. 10/-, Rs. 20/-, Rs. 50/-, Rs. 75/-, Rs. 100/-, Rs. 500/-, Rs. 1,000/- and Rs. 5000/-. Currency Exchange rate (100 Indian rupee in Pakistan) Currency Exchange Rates are the rate at which one currency is exchanged for another. The exchange rate is also regarded as the value of one country’s currency in relation to another currency for example $1 is worth ₹83.17 or the Australian dollar is ₹53.58. Pakistani Rupee is worth ₹0.28 Indian rupee which we will discuss further in the article. Political stability, GDP growth, inflation & deflation, interest rates, etc. affect the currency exchange rate. For example, Pakistan is undergoing a ~35% inflation rate, so Pakistani currency is losing value at a high rate, it’s value used to be 0.42 Indian rupee at the start of 2022 compared to 0.28 INR. ₹100 Indian rupees converted to Pakistani rupees is Rs 331.69 Pakistani rupee in September of 2023. Last year in September it would have been ~Rs 224 Pakistani Rupees. Exchanging 100 Indian rupee in Pakistan yields 331.69 Pakistani rupees, showcasing the currency’s exchange rate dynamics. How to convert the currency First, you should current currency exchange rates from online conversion calculators, checking financial news, and from banks. Options available for currency conversion:- 1) Banks Local banks in either India or Pakistan offer foreign currency exchange services. These are secure and reliable but may include charges for currency conversions 2) Currency exchange bureaus These bureaus are commonly found in international airports, major tourist destinations, etc. These offer quick and easy service but may charge a lot for converting the currencies. 3) Online currency services  Though these don’t offer an exchange of physical foreign currency, they can be used for making online currency exchanges or for transactions in foreign currency. 4) ATMs One may withdraw money in foreign exchange if they have a debit or credit card that is internationally accepted; for example VISA or Mastercard. These are convenient for travelers or visitors as they cut the need for travel to change currencies in banks or bureaus and also reduce the need to carry a large sum of cash. Conclusion The choice of where to convert depends on your circumstances and convenience. Be sure to compare rates and also consider factors such as exchange rates, and fees, when making currency exchange. Keep in mind that currency exchange rates can keep changing and fluctuating so keep yourself informed so you can keep most of your hard-earned money. This Blog is written by Aditya Sahijpal.

E-shram card scheme is a centralized database seeded with Aadhaar. It delivers social security benefits as implemented by Central and State Ministries. It will also ensure the portability of the social security and welfare benefits to the migrant and construction workers at their working places. This blog also discusses how to check the E-Shram Payment Status. The E-shram card scheme was launched by the Ministry of Labor and Employment, Government of India in August 2021 for the welfare of unorganized sector workers and laborers. The people who register for the E-shram card scheme will get an E-Shram Card having a 12-digit Unique Identification Number (UAN). Registered members will be eligible for a plethora of benefits after signing up for the Shramik Yojana apart from receiving an e-Shram card. Aside from that, workers will benefit from the government’s adoption of social security programs. The Ministry of Labor & Employment is already running various schemes for the welfare of eligible citizens. If a person is already taking benefits from the schemes initiated by the Ministry of Labor can not apply for a Shramik Card. Furthermore, there is no need to renew the eSHRAM card but to regularly update their details, mobile number, current address, etc. To keep his account active, he/she is required to update his account at least once a year. Eligibility for E-Shram Card Scope Benefits of E-Shram Card Registration E-Shram Card 2022 launched by the PMOI provides several benefits of E Shram Card apart from what is known to you. The benefits are discussed in the points given below. Documents Required for E-Shram Card Online Apply Steps for E-Shram Payment Status Visit the e-Shram portal. Click on the ‘E-Aadhaar Card Beneficiary Status Check’ link. You can see the e-Shram payment status. Conclusion A large population in India consists of workers who are engaged in the unorganized sector. These people are financially weak and have to face many hardships in their daily lives. These people also do not have any idea how to secure their future. E Shram Card is likely to give critical support to them, especially in emergency and pandemic-like conditions. Further, more employment opportunities will be provided to the migrant labor workforce by tracking them

Introduction: Welcome to our blog, where we delve into the intricacies of tax advisory services tailored specifically for businesses operating in India. As the Indian economy continues to evolve and tax laws become increasingly complex, the role of legal tax advisors has become indispensable for businesses of all sizes. In this article, we’ll explore the invaluable benefits of partnering with a legal tax advisor and how they can help safeguard your business interests in India’s dynamic tax landscape. Understanding the Indian Tax Environment: India’s tax system is multifaceted, comprising direct and indirect taxes governed by various laws and regulations at the national and state levels. From income tax to goods and services tax (GST), navigating this intricate maze of tax laws requires expert knowledge and strategic planning. Failure to comply with tax regulations can result in hefty penalties and legal consequences, making it imperative for businesses to stay informed and proactive in their tax management approach. The Role of Legal Tax Advisors: Legal tax advisors serve as trusted partners to businesses, offering expert guidance and strategic insights to ensure compliance with tax laws while optimizing tax efficiency. Here’s how they can add value to your business: Conclusion: In conclusion, the expertise and guidance of legal tax advisors play a pivotal role in safeguarding your business interests and ensuring compliance with Indian tax laws. By partnering with a reputable tax advisory firm, you can navigate the complexities of the Indian tax landscape with confidence, unlocking opportunities for financial growth and stability. At Signimus, we understand the unique challenges faced by businesses in India and are committed to providing comprehensive tax advisory services tailored to your specific needs. Our team of experienced legal tax advisors is here to support you every step of the way, helping you achieve your financial goals while staying compliant with regulatory requirements. Call to Action: Ready to elevate your tax management strategy and safeguard your business in India? Contact us today to learn more about our legal tax advisory services and schedule a consultation with our team of experts. Let’s navigate the tax maze together and unlock new opportunities for your business success!