A farmer from Uttar Pradesh’s Phaloda village received about 23 notices over the past year from the Income Tax Department, asking him to pay outstanding taxes of Rs 1.6 crore. After one whole year of constant pestering from the IT officials coupled with their visits, the department came across a documentation lapse at the bank’s end.
Read more at: India Today
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Finally good news is there for those taxpayers who are eligible to claim section 87A tax rebate but were prevented from claiming it post July 5, 2024. The Income Tax Department has now updated the excel utilities for ITR Forms 2 and 3 to exercise the option to update tax rebate under section 87A for FY 2023-24 (AY 2024-25). The department also said the HTML utilities will be made available shortly. This information was mentioned by the Income Tax Department in the late hours of yesterday.
Net direct tax collection climbed 9.18 per cent to over Rs. 10.82 lakh crore till September 2017 in the current fiscal, driven by the higher advance tax payments from corporates and slower issuance of refunds, the government said.
Post Views: 990 The Central Board of Direct Taxes (CBDT) has issued a notification making changes in the ITR-V and…
