ITR: Income Tax Department took a big step, started this work


ITR: The Central Board of Direct Taxes (CBDT) constituted three boards for advance ruling in September 2021. Along with this, the scheme of e-Advance Ruling was launched to make the entire process of Advance Ruling more efficient, transparent and accountable with minimum cost. direct physical intervention.

Crores of people file income tax returns every year in the country. For those whose income is taxable, it is necessary to file income tax return. Now important information has come out from the Income Tax Department. In fact, the Income Tax Department has said that Advance Ruling Boards have been started in Delhi and Mumbai. These boards will work through email-based procedures and hold hearings through video conferences.

advance ruling

The Central Board of Direct Taxes (CBDT) constituted three boards in September 2021 to take an advance decision. Simultaneously, the scheme of e-Advance Ruling was launched to make the entire process of Advance Ruling more efficient, transparent and accountable with minimum physical intervention. People are expected to get a lot of benefit from this.

cbdt

The CBDT said in a statement, “The Advance Ruling Board has started functioning in Delhi and Mumbai. These boards have started working through e-mail-based procedures and conducting hearings through video conferences.

income tax return

Explain that people whose income is taxable in India, they have to file ITR every year. At the same time, if people do not file income tax returns on time, then people can also be fined. Also, till 31 July 2023, people can file income tax returns.

However, now if people file income tax return after this due date, then a fine of Rs 5000 thousand can also be imposed on people as late fee. This penalty will be imposed till December 31, 2023, till the filing of income tax return.

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