Bizarre I-T law to penalise taxpayer to change soon: Income Tax Bill 2025 may give relief to specified small taxpayers filing ITR only to claim tax refunds

The Income Tax Bill 2025 may soon offer relief to small taxpayers seeking refunds. A Lok Sabha select committee suggests removing penalties for late ITR filing when the sole purpose is claiming a refund, especially for those with income below the taxable threshold. This change aims to prevent unwarranted prosecution for minor tax matters.

from Tax-Wealth-Economic Times https://ift.tt/vEKJNsV