tax return processing

Rechecking of ITRs: Govt to compare with past returns to catch discrepancies; see what does this mean for taxpayers

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Rechecking of ITRs: Govt to compare with past returns to catch discrepancies; see what does this mean for taxpayers

The Income Tax Department is scheduled to implement a new tax return processing change starting in April 2025. This update is designed to enhance accuracy and decrease discrepancies in filings. An adjustment to Section 143(1) of the Income Tax Act will empower tax authorities to compare a taxpayer’s most recent Income Tax Return (ITR) with … Read more

ITR filing for FY 2023-24: When should you file rectification form? Check details

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ITR filing for FY 2023-24: When should you file rectification form? Check details

Suppose the income tax refund issued to you is lower than the amount you claimed due to the Tax deducted at Source (TDS) credit denial in Form 26AS. In that case, you can request the remaining tax refund by filing a rectification request under Section 154 of the Income-tax Act, 1961. When the taxpayer submits … Read more