Income tax demand waiver: The Central Board of Direct Taxes (CBDT) has stated in a circular dated February 13, 2024 that the tax department would waive off all eligible tax demands up to an aggregate limit of Rs 1 lakh per taxpayer. Experts opine that if the tax dept waives off both tax demand and interest on such demand, the quantum of demand waived can be much more than Rs 1 lakh.
Income tax refund: Individuals who have pending income tax refund due to the fact that their income tax return (ITR) was not processed by the income tax department would now get their income tax refund by April 30, 2024. However not all individuals would get tax refund, read here to know who gets and who does not.
The Income Tax department has notified that taxpayers with earnings more than Rs 50 lakh or have more than one house need to share extra information when they file their tax returns for this fiscal.
ITR-2 and ITR-3: Income tax return (ITR) forms have been notified by the central board of direct taxes (CBDT) via an notification in e-gazette. ITR-2 is to be filed by those who have capital gains income and are ineligible to file ITR-1. Do note that ITR-3 is to be filed by those entities who have income from business or profession.
Shri Ram Janmabhoomi Teerth Kshetra: Individuals can donate money to Ayodhya Ram Mandir Trust, however they must be sure to collect certain documents which are essential for claiming section 80G tax deduction for donations made to Ayodhya Ram Mandir. Donations can be made online or offline too, however up to Rs 2000 can be claimed as 80G deduction if the donation is made in cash.