Two news of relief for those who pay income tax

Two big relief news has come out for the income taxpayers. The Central Board of Direct Taxes (CBDT) has amended its faceless appeal scheme. With this change, taxpayers who appeal against the demand of tax will now be able to request for personal hearing through video conferencing.

The Central Board of Direct Taxes (CBDT) has given its permission by issuing a notification of the Faceless Appeal Scheme on 28 December. Apart from this, the deadline for verification of pending ITR for the financial year 2019-20 has also been extended.

Under the old scheme, online hearings were held against tax demands, which were challenged in high courts on various grounds. The Bombay High Court is also hearing a Public Interest Litigation (PIL) filed by the Chamber of Tax Consultants (CTC). Its next hearing is scheduled for January 4. With the help of faceless video conferencing, taxpayers and corporate entities facing heavy demands will be helped.

A benefit to taxpayers CTC Chairman Ketan Vajani said that under the earlier scheme, the taxpayer had no right of oral hearing through video conferencing. Ved Jain, former president of the Institute of Chartered Accountants of India (ICAI), said the revised scheme is welcome as it will solve the problem of taxpayers and give them the right to express their views.

The hearing may be a problem however, the faceless appeal scheme does not talk of an early hearing. Chartered Accountant Anish Thakar said the portal should enable the request for early hearing, which is important for higher-level assessment. Before the finalization of the previous plan, an appeal was granted by the unit for review of the order passed by the second appeal unit. If the disputed tax, penalty and interest including surcharge and cess and exceeds the specified amount, it was mandatory for NFAC to refer the same to another appeals unit for review.

Verification Deadline Extended The Central Board of Direct Taxes (CBDT) has extended the deadline for verification of pending ITRs for the financial year 2019-20. According to the information, more ITR verification is left, due to which its date has been extended till 28 February 2022. Taxpayers who do e-verification digitally can do online verification through income tax portal, net banking and other means.

Penalty for non-filing of ITR The last date for filing Income Tax Return (ITR) for the assessment year 2020-2021 is December 31, 2021. If the income tax return is not filed on time, then penalty along with penalty may have to be paid. Taxpayers were fined a maximum of Rs 10,000 till last year. However, from FY 2011 onwards, the government has reduced the time limit to 3 months along with reducing the time limit to Rs 5,000.

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