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The Central Board of Direct Taxes (CBDT), earlier this month, issued a notification on the process of scrutiny of income tax returns (ITR) of taxpayers. Under the new guidelines, taxpayers can know why their ITRs have been shortlisted for scrutiny or closer examination for FY 2024-25. The CBDT has also outlined a number of cases that would be taken up.
Source: bt Money today
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The Income Tax Department updated the income tax return forms for ITR-2 and ITR-3 on January 4, 2025. The ITR forms have been updated to allow the taxpayers to claim Section 87A tax rebate on short-term capital gains on equity, which they were denied during the July ITR filing. However, despite the income tax e-filing accepting the claim, the income tax department is rejecting the Section 87A rebate. This rejection is happening at the time of processing the ITR because the software linked for processing the ITR forms has not been updated. Under section 87A eligible taxpayers can claim up to Rs 25,000 tax rebate under the new tax regime. Under the old tax regime up to Rs 12,500 tax rebate can be claimed by eligible taxpayers under section 87A.
In a significant win for Noida Toll Bridge Company Limited (NTBCL), the Income Tax Appellate Tribunal (ITAT) has quashed a massive tax demand of approximately ₹21,000 crore. The listed entity, part of the IL&FS Group, operates the Delhi-Noida-Delhi (DND) flyover, a critical infrastructure link between the two cities.