Income tax refund under new 2025 tax act can be set-off with tax refund due under old 1961 income tax act, explanatory memorandum clarifies

Taxpayers can now have their income tax refunds from the old 1961 Act set off against demands under the new 2025 Act, and vice versa. The government's explanatory memorandum clarifies this cross-law adjustment, ensuring seamless processing of refunds and tax dues between the two legislative frameworks.

from Tax-Wealth-Economic Times https://ift.tt/P1A7MJg