Income Tax New Rules: Big news has come regarding income tax return. A circular has also been issued regarding this. Taxpayers should read about it in detail.
Income Tax New Rules: Big news for taxpayers. A circular has been issued. The Central Board of Direct Taxes (CBDT) has extended the deadline for processing those Income Tax Returns (ITRs) which were wrongly marked invalid by the Centralized Processing Center (CPC), Bengaluru of the Income Tax Department.
Income Tax Circular issued
In a circular issued, the CBDT said that it has received many complaints of ITRs filed electronically till March 31, 2024. These were wrongly invalidated due to technical glitches. Many taxpayers faced delays in refunds and other processes as the time period for correcting these mistakes had already expired, which was till December 31, 2024 for Assessment Year (AY) 2023-24. To address this issue, the CBDT has now relaxed the time limit under section 119 of the Income Tax Act, 1961.
Income Tax Return Rules
All such ITRs will now be processed and taxpayers will get information about it by March 31, 2026. All eligible refunds, including interest, will be issued as per the Act. However, if the PAN card and Aadhaar card are not linked (PAN-Aadhaar Linking), then as per the previous circular dated March 28, 2023, the refund will not be issued.
Important point for taxpayers
This relief is expected to benefit those taxpayers whose returns were wrongly withheld due to technical errors. Taxpayers should ensure that their PAN and Aadhaar are linked to avoid any refund related problems.
Let us tell you that the Income Tax Department has intensified the investigation of capital gains reporting and data matching system is being used to detect any kind of non-disclosure of income from equity, mutual funds or even buyback transactions.
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