Under this scheme, taxpayers meeting specific criteria outlined in section 245MA of the Act can electronically submit an application to the designated DRC for the region overseen by the Principal Chief Commissioner of Income-tax with jurisdiction over the taxpayer.
This initiative, established under section 245MA of the Income-tax Act, 1961, will allow taxpayers to resolve disputes electronically through Dispute Resolution Committees (DRCs).
Over 7 crore ITRs were filed before the deadline on July 31, 2024. By August 23, the Income Tax Department had processed 5.34 crore of these returns. Yet, more than 2 crore verified ITRs remain unprocessed.
The belated return is filed under Section 139(4) of the Income Tax Act, 1961. The belated return will attract interest under sections 234A and 234B on unpaid tax liability along with late fees. In case, a taxpayer misses the timeline of a belated return also, he can file an updated tax return.
Finance Minister Sitharaman stressed that the officers should engage in outreach efforts to prevent doubts from escalating and create confusion among taxpayers.
An income tax return (ITR) may be labeled as 'defective' due to various reasons. Some common reasons for this could include discrepancies such as mismatched names in the PAN card and the filed ITR, claiming TDS credit without reporting the related income.
With the anticipated 3% increase scheduled for September, the total dearness allowance (DA) is set to rise to 53%.
The reopening notices are part of a broader effort by the tax department to extend its reach into past assessments, especially given the recent Budget proposals.
Speaking at an event on the 165th year of Income Tax, FM Sitharaman said PM Narendra Modi wants a “simple system” and asked the Income Tax department to approach the tax paying public with more transparency and less intimidation.
In a notification, the CBDT outlined the instances when a tax clearance certificate, as per Section 230(1A) of the Act, must be obtained by individuals residing in India. These instances are limited to two specific scenarios.
After you have filed your Income Tax Return (ITR), the income tax department will review the return, identify any errors, and then issue an intimation under section 143(1).
Finance Minister Nirmala Sitharaman, in an effort to enhance the attractiveness of the New Tax Regime for salaried taxpayers, introduced two significant changes this year.
Gita Gopinath said: “With wealth taxes, there are some additional complications. For example, for a lot of people, wealth is basically their home. There are implementation issues associated with it, but if you can get capital income tax, well, well done."
ITR refund scam: Under no circumstance should individuals respond to emails or visit websites that solicit credit card details, bank account information, or other sensitive data.
August 31 is the deadline to receive notices under Section 148 of the Income Tax Act if taxpayers' income has escaped assessment by the IT department. This is particularly applicable if the escaped income is Rs 50 lakh or more for the assessment year (AY) 2018-19 or later.
This year, in her seventh Budget, FM Sitharaman announced a slew of schemes starting from abolishing the angel tax to simplification of the capital gains tax regime to revising the new tax regime structure
Section 148A of the Income Tax Act allows the Income Tax officers to initiate reassessment proceedings when they suspect that a taxpayer may have concealed income during any assessment year.
One should note that a taxpayer cannot view the rectification request status offline. You will be required to log in to the e-Filing portal to view the rectification status.
While GST on your insurance policies is still under debate here is a primer on how GST rates are currently applicable on your health and life insurance policies.
A home loan can provide significant tax savings. Also, the tax benefit is available to taxpayers who opt for the old tax regime.
Certain welcome landmark tax proposals include the withdrawal of 2% equalisation levy (EL) and angel tax and streamlining of capital gains tax rates and tax assessment timelines. The headline tax rate for foreign companies is proposed to be reduced from 40% to 35% (plus applicable surcharge and cess).
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