The Income Tax Department has urged taxpayers to link PAN with Aadhaar by May 31, 2024, to avoid higher tax deducted at source (TDS) or tax collected at source (TCS). The TDS is deducted at a higher rate when a deductees (whose tax has been deducted) PAN has not been linked with Aadhaar. A PAN that is not linked Aadhaar becomes an inoperative PAN.
Due to the impending general elections, Sitharaman's interim budget is not anticipated to introduce significant policy changes., Budget 2024 News, Times Now
Over eight crore Income Tax Returns have been filed in the Assessment Year 2023-24, surpassing previous year s 7,51,60,817 mark, according to the I-T department.
Income tax department has launched a facility called Demand Facilitation Centre (DFC) for helping people solve their pending tax outstanding demand issues faster. The DFC agents would help the individuals understand the reason behind the tax notice and suggest ways to solve it. Further DFC agents may connect you with the assessing officer (AO) directly too in some cases.
The income tax department will not disburse the income tax refund either in full or part if they have served an individual with a section 245 notice. Section 245 gives power to the income tax department to adjust past year s income tax liability with the present year s income tax refund.