Has the promised zero penalty privilege for small taxpayers been taken away in the New Tax Act 2025? Here’s what experts say

The Lok Sabha approved the Income Tax Act 2025. It clarifies rules for late ITR filing and tax refunds. A select committee suggested changes to Section 263. The bill removes sub-clause (1)(ix). Taxpayers can now claim refunds even with delayed returns. This resolves confusion for those filing after the deadline. The new rules aim to provide flexibility for refund claims.

from Tax-Wealth-Economic Times https://ift.tt/kEhTg9s