The Income-tax department said on X said that they have "identified certain inconsistencies in the data of the securities market (SFT-17) provided by one of the Reporting Entities." It appears that due to this the Income-tax department s Compliance Portal showed highly inflated transaction values for some taxpayers in their annual information statement (AIS). Some taxpayers say that their sale consideration of Rs 4 lakh got inflated to Rs 17 crore. There are many taxpayers who complained on X about the Compliance Portal showing inflated transaction values in their AIS.
Income tax outstanding demand: The Central Board of Direct Taxes (CBDT) has stated via a order that the income tax department has started waiving eligible old tax demand. However a maximum ceiling limit per taxpayer/assessee has been set and no outstanding tax demand entries above this ceiling limit would be extinguished.
Budget 2024: Experts opine that the income tax return (ITR) portal be made more user-friendly and a system be in place to check all the notices given by the income tax department to the taxpayer in one place. Experts also suggested to the government that the notice document should be attached with the email intimation itself.
Highlights
CBDT further added that every interaction, upload, and pending action will be available on a single dashboard for follow-up action by the taxpayer.
Meanwhile, the tax return filing feature will be up for use only on June 18.
CBDT also informed that a new mobile app would also be launched to help taxpayers understand the various features.
The old income tax has become redundant and the upcoming income tax e-filing portal which is set to launch on June 7 will come up with several interesting features that are meant to be tax-friendly.
In a statement, the Central Board of Direct Taxes (CBDT) has revealed that the new income tax portal will have features like immediate processing of tax returns for the quick issue of refunds, interactive software for easier preparation of returns.