NEW DELHI: The Revenue Tax Division has cautioned taxpayers towards making false claims on their earnings tax returns, corresponding to overstating deductions, understating earnings, or claiming bills that aren’t real. These actions are thought of offenses that can lead to penalties and will delay the processing of refunds.
In response to the division and the Central Board of Direct Taxes (CBDT), greater than 5 crore ITRs have been submitted as of July 26, with the submitting deadline for evaluation 12 months 2024-25 set for July 31 for all taxpayers whose accounts don’t require auditing.
The Revenue Tax Division lately suggested taxpayers to file their returns precisely to make sure well timed refunds. “Refund claims are topic to verification checks, which can trigger delays. Correct submitting of ITR results in faster processing of refunds. Any discrepancies within the claims made will immediate a request for a revised return (to be filed by the taxpayer),” it stated.
Taxpayers have the choice to cut back their tax burden by claiming numerous deductions and exemptions underneath the outdated ITR submitting system. Alternatively, they’ll select the brand new regime, which provides decrease tax charges however doesn’t permit for these advantages. In response to CBDT Chairman Ravi Agrawal, greater than 66 % of ITR filings this 12 months had been made underneath the brand new regime, which the federal government is selling to simplify the direct tax system.
If refunds are delayed, taxpayers ought to examine their e-filing account for any messages from the I-T division and reply accordingly via the “pending motion and worklist part” tab.
Concerning the current Finances proposal to increase the withholding of refunds from 30 to 60 days from the date of evaluation or reassessment, Agrawal acknowledged that such circumstances could be minimal. This provision applies when there’s an current demand or a possible demand towards the identical assessee. As soon as the evaluation is accomplished, the assessee has 30 days to pay the demand, and the refund will be adjusted throughout this era.
(With inputs from businesses)
In response to the division and the Central Board of Direct Taxes (CBDT), greater than 5 crore ITRs have been submitted as of July 26, with the submitting deadline for evaluation 12 months 2024-25 set for July 31 for all taxpayers whose accounts don’t require auditing.
The Revenue Tax Division lately suggested taxpayers to file their returns precisely to make sure well timed refunds. “Refund claims are topic to verification checks, which can trigger delays. Correct submitting of ITR results in faster processing of refunds. Any discrepancies within the claims made will immediate a request for a revised return (to be filed by the taxpayer),” it stated.
Taxpayers have the choice to cut back their tax burden by claiming numerous deductions and exemptions underneath the outdated ITR submitting system. Alternatively, they’ll select the brand new regime, which provides decrease tax charges however doesn’t permit for these advantages. In response to CBDT Chairman Ravi Agrawal, greater than 66 % of ITR filings this 12 months had been made underneath the brand new regime, which the federal government is selling to simplify the direct tax system.
If refunds are delayed, taxpayers ought to examine their e-filing account for any messages from the I-T division and reply accordingly via the “pending motion and worklist part” tab.
Concerning the current Finances proposal to increase the withholding of refunds from 30 to 60 days from the date of evaluation or reassessment, Agrawal acknowledged that such circumstances could be minimal. This provision applies when there’s an current demand or a possible demand towards the identical assessee. As soon as the evaluation is accomplished, the assessee has 30 days to pay the demand, and the refund will be adjusted throughout this era.
(With inputs from businesses)
