The Income Tax Department launched taxassist, will help in filing income tax returns, know how?
Income tax department Has launched a taxassist to provide relief to crores of taxpayers of the country. With its help, those who fill the returns can easily get the returns by getting a solution to their query. Describing the latest initiative, the Income Tax Department said that the introduction of tax assist has been designed to simplify all tax related concerns. The Income Tax Department stated through an example that taxpayers claiming tax exemption under section 80GGC may face problems under which circumstances.
This section gives tax exemption to donors who donate to a political party or electoral trust. The department shared three different scenarios and explained how the taxassist tool helps taxpayers to document, explanation and answer notices to these claims. This initiative has been initiated with the aim of simplifying transparency and tax claim process.
Case 1: Claim of relaxation by mistake
If the taxpayer accidentally claims exemption under 80GGC, the taxassist will advise them whether they amend their returns or submit tax and interest by filing ITR-U and return additional refunds. If you do not do so, you may have to face investigation or penalty.
Case 2: Fake donation claim
If someone claims exemption by showing fake or non-modern political donations, it will be considered tax evasion. In such cases, the taxassist will advise taxpayers to file ITR-U and deposit tax and interest due to avoid legal action.
Case 3: Donation claims
If the donation is made to a legitimate political party, the taxassist recommends that they keep evidence of donation receipts and bank transactions, as they may be needed during the investigation. This initiative is part of the effort of the Income Tax Department under which tax filing is being made easy and transparent.
Time limit for filing returns by 15 September
This time the Income Tax Department has increased the deadline for filing returns from 31 July to 15 September. This has been done to provide relief to income taxpayers. The last date for filing income tax return (ITR) for FY 2024–25 is 15 September 2025.
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