ITR: The Central Board of Direct Taxes (CBDT) constituted three boards for advance ruling in September 2021. Along with this, the scheme of e-advance ruling was launched to make the entire process of advance ruling more efficient, transparent and accountable with minimum direct physical intervention.
Income Tax: Every year crores of people file income tax returns in the country. Those people whose income is taxable, it is necessary to file income tax return. Now important information has come out from the Income Tax Department. In fact, the Income Tax Department has said that Advance Ruling Boards have been started in Delhi and Mumbai. These boards will work through email-based procedures and conduct hearings through video conferences.
Advance ruling
The Central Board of Direct Taxes (CBDT) constituted three boards in September 2021 for advance ruling. Along with this, the scheme of e-advance ruling was launched to make the entire process of advance ruling more efficient, transparent and accountable with minimum direct physical intervention. People are expected to get a lot of benefit from this.
CBDT
The CBDT said in a statement, “Advance ruling boards have started functioning in Delhi and Mumbai. These boards have started working through e-mail-based procedures and conducting hearings through video conference.
Income tax return
Let us inform that those people whose income is taxable in India, they will have to file ITR every year. On the other hand, if people do not file income tax returns on time, then people can also be fined. Also, till 31 July 2023, people could file income tax returns.
However, now if people file income tax return after this due date, then a fine of Rs 5000 thousand can also be imposed on people as a late fee. This penalty will be imposed till the filing of income tax return by 31 December 2023.
