Income Tax News: The Income Tax Department has released a new update for taxpayers. The report states that many income taxpayers may shortly receive letters from the agency in the next few days. The Income Tax Department has prepared to send the warning, according to a recent report.
Government’s Notification Plan
The government might also notify people whose taxes have already been withheld, according to an ET report. The Income Tax Department is working to decrease tax-related conflicts, according to Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta, who was quoted in the report. Only taxpayers who the department currently has specific information on will get notices from Income Tax.
Initiative Announcement
A new initiative to decrease tax disputes was revealed by Finance Minister Nirmala Sitharaman during the budget presentation on February 1st of this month. She had already said that the tax demand arrears up to Rs 25,000 for the 2009–10 fiscal year will be waived. In a same vein, instances involving tax arrears up to Rs 10,000 from 2010–11 to 2014–15 would also be resolved. She had stated that this would help roughly one crore taxpayers.
Centralized Resolution Hub
A Demand Management Centre for tax disputes has been established by the Income Tax Department in Mysore, Karnataka. According to the CBDT Chairman, the Mysore-based centre used to exclusively handle cases from Karnataka, but these days it is accepting applications from all around the nation. Cases involving tax disputes above Rs 1 crore are handled by this centre.
Late Filing Notice
According to the Income Tax Department’s most recent plans, taxpayers who have had their TDS, or tax deducted at source, deducted but whose ITR has not been filed, will receive a notice. The assessment year 2023–24 income tax return filing date has passed. The last day to file an ITR was July 31, 2023. After that, you have until December 31, 2023, to file a late ITR.
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