The assesses were grappling with this issue of long outstanding demands, especially in cases where the demands pertain to very old cases and there are neither records nor resources available, to resolve the same.
India Business News: The Central Board of Direct Taxes (CBDT) has released the Income Tax Return (ITR) forms, ITR-2 and ITR-3, for the financial year 2023-24. Taxpayers need to be aware of the filing requirements and changes in ITR-2. ITR-3 is for entities with income from business or profession. The deadline for submission is July 31, 2024, or October 31, 2024, for taxpayers with income tax audits.