Parliament panel for TDS refunds after due date without fine
NEW DELHI: A parliamentary panel, headed by BJP leader Baijayant Panda, has favoured continuing tax exemption on anonymous donations made to religious-cum-charitable trusts in the new Income Tax Bill, saying any removal would have an adverse impact on not-for-profit groups.
The 31-member select committee of the Lok Sabha that examined the new Income Tax Bill, 2025, also suggested allowing taxpayers to claim TDS refund even after the ITR filing due date without paying any penal charges. The committee has recommended changes in the Income Tax Bill, 2025, which will replace the six-decade-old Income Tax Act, 1961.
The 4,575 page report, which was tabled in the Lok Sabha on Monday, also made suggestions for sweeping changes in the way the new Income Tax Bill, 2025, was to treat income of non-profit organisations (NPOs), while commending tax department's move of replacing the dual concepts of 'previous year' and 'assessment year' with a single, unified term: 'tax year.'
'The adoption of a single, consistent 'tax year' streamlines tax period references throughout the legislation, making the law more accessible and easier to understand,' the report said.
With regard to NPOs, the government in the new bill has exempted from tax anonymous donations received by purely religious trusts. However, such donations received by a religious trust that may also have other charitable functions, like running hospitals, and educational institutions, will be taxed as per law.
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