The Central Board of Direct Taxes (CBDT) has announced a new framework aimed at facilitating the rectification of errors in tax returns and the issuance of refunds under the Income Tax Act, 1961. This decision aims to simplify the process for individual taxpayers to correct mistakes related to tax computation, prepaid tax credits, or refund processing. Under this new framework, the Commissioner of Income Tax at the Centralized Processing Centre (CPC) in Bengaluru will have the authority to manage cases that involve mistakes in records, including issues related to refunds, as stated in the notification. Rules That Assist Taxpayers Under the revised framework, the Income Tax Department can now address issues under Section 154 of the Act that involve: Errors in tax calculations or refund determinations Failure to consider prepaid tax credits (such as advance tax, TDS, or self-assessment tax) Omission of eligible reliefs Incorrect calculations of interest under Section 244A (which per...
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