I-T Assessment Of Taxpayers

The income tax department on Saturday asked taxpayers to respond to intimation from the I-T department regarding outstanding demands of previous years to facilitate faster clearance of refunds for 2022-23 fiscal. With some taxpayers taking to social media about receiving intimation from the I-T department regarding past unsettled tax demands, the department in a post on 'X' said, this is a taxpayer-friendly measure where an opportunity is being provided to assessees in line with "principles of natural justice". As many as 7.09 crore returns have been filed for income earned in 2022-23 fiscal. Of these, 6.96 crore ITRs have been verified, of which 6.46 crore returns have been processed as on date, including 2.75 crore refund returns. "However, there are a few cases in which refunds are due to the taxpayer, but previous demands are outstanding, the department said," the I-T department said. The Section 245(1) of Income-tax Act, 1961, mandates providing an opportunity to taxpayers to

Respond on time, with expert help if required, to prevent further punitive measures

'Check your Form 26AS, AIS and other relevant documents before submission. Be an early filer,' says I-T Dept

Check the Relied Upon Documents, or RUDs, on the basis of which the assessing officer has started the reassessment proceedings

Income-tax return and types of ITR forms

The deadline for filing IT return is drawing close. Many wait till the last moment to finish the exercise, but that is not advisable. Find out the different categories of ITR forms that taxpayers fill

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