The income tax department has reduced the time for tax officers to decide on adjustment of refunds against outstanding tax dues to 21 days, a move which will help avoid litigation.
Get latest articles and stories on Latest News at LatestLY. The income tax department has issued guidelines for selection of I-T returns for complete scrutiny in the current fiscal and said such scrutiny would be applicable in cases where information about tax evasion is available from any other authority. Latest News | I-T Dept Issues Guidelines for Selection of Tax Returns for Complete Scrutiny.
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ITR filing: Government notifies form for filing updated income tax returns - The new form (ITR-U) will be available to taxpayers for filing updated income tax returns for 2019-20 and 2020-21 fiscals.