NEW DELHI: The Income Tax Department 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-about offenses that can lead to penalties and should delay the processing of refunds.
According to the department 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 yr 2024-25 set for July 31 for all taxpayers whose accounts don’t require auditing.
The Income Tax Department just lately suggested taxpayers to file their returns precisely to guarantee well timed refunds. “Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer),” it stated.
Taxpayers have the choice to scale back their tax burden by claiming numerous deductions and exemptions underneath the previous ITR submitting system. Alternatively, they will select the brand new regime, which affords decrease tax charges however doesn’t permit for these advantages. According to CBDT Chairman Ravi Agrawal, greater than 66 p.c of ITR filings this yr 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 test their e-filing account for any messages from the I-T department and reply accordingly via the “pending action and worklist section” tab.
Regarding the current Budget proposal to prolong the withholding of refunds from 30 to 60 days from the date of evaluation or reassessment, Agrawal said that such circumstances can be minimal. This provision applies when there’s an present demand or a possible demand towards the identical assessee. Once the evaluation is accomplished, the assessee has 30 days to pay the demand, and the refund could be adjusted throughout this era.
(With inputs from companies)
According to the department 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 yr 2024-25 set for July 31 for all taxpayers whose accounts don’t require auditing.
The Income Tax Department just lately suggested taxpayers to file their returns precisely to guarantee well timed refunds. “Refund claims are subject to verification checks, which may cause delays. Accurate filing of ITR leads to quicker processing of refunds. Any discrepancies in the claims made will prompt a request for a revised return (to be filed by the taxpayer),” it stated.
Taxpayers have the choice to scale back their tax burden by claiming numerous deductions and exemptions underneath the previous ITR submitting system. Alternatively, they will select the brand new regime, which affords decrease tax charges however doesn’t permit for these advantages. According to CBDT Chairman Ravi Agrawal, greater than 66 p.c of ITR filings this yr 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 test their e-filing account for any messages from the I-T department and reply accordingly via the “pending action and worklist section” tab.
Regarding the current Budget proposal to prolong the withholding of refunds from 30 to 60 days from the date of evaluation or reassessment, Agrawal said that such circumstances can be minimal. This provision applies when there’s an present demand or a possible demand towards the identical assessee. Once the evaluation is accomplished, the assessee has 30 days to pay the demand, and the refund could be adjusted throughout this era.
(With inputs from companies)
