ITR processing deadline extended for wrongly invalidated ITR filed electronically till March 31, 2024
Empower your mind, elevate your skills
In a move set to bring significant relief to taxpayers, the CBDT (Central Board of Direct Tax), in a circular issued today, has extended the deadline for the processing of ITRs that were electronically filed up to March 31, 2024, but had been wrongly invalidated by Income Tax Department Centralized Processing Centre (CPC), Bengaluru.According to the circular, CBDT had received various representations that CPC- Bengaluru (CPC) has gotten grievances regarding erroneous invalidation, due to various technical reasons, while processing the returns filed electronically for different assessment years. The time period for processing these returns has lapsed, latest being 31.12.2024 for AY 2023-24. Therefore, these returns need to be validated and processed as per law.'The matter has been considered by the Board and it has been decided to relax the time- frame prescribed in second proviso to sub-section (1) of section 143 of the Income-tax Act, 1961 (the Act) in exercise of its powers under section 119 of the Act. The Board hereby directs that returns of income filed electronically up to 31.03.2024 which have been erroneously invalidated by CPC shall now be processed. The intimation under sub-section (1) of section 143 of the. Act in respect of processing of such returns shall be sent to the assessees concerned by 31.03.2026', it adds .All subsequent effects under the Act, including issue of refund along with interest as applicable, shall also follow in these cases. In those cases where PAN-Aadhaar linkage is not found, refund of any amount of tax or part thereof, due under the provisions of the Act shall not be made as laid down in Circular No.03/2023 dated 28.03.2023 vide F.No.370142/14/2022-TPL.Says CA Mohit Gupta, 'The move, under Section 119 of the Income-tax Act, 1961, relaxes the time limit for processing such returns, allowing intimation under Section 143(1) to be sent by 31st March 2026. However, refunds will not be issued where PAN-Aadhaar linkage is not completed, as per Circular No. 03/2023'Notably, if you fail to file your ITR by the due date, which is September 15, 2025 for AY 2025-26, you can still file a belated return before the 31st December of the relevant assessment year. However, if taxpayers miss out on this deadline as well, they can file an updated return within 4 years from the end of the assessment year in concern. Also, as per income tax law, the tax department has the power to process an duly filed ITR on or before the end of 9 months from the end of the financial year for which the ITR was filed.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
17 minutes ago
- Indian Express
Supreme Court directs states to survey orphaned children denied education
The Supreme Court on Wednesday directed all states to survey orphaned children who were denied education under the Right of Children to Free and Compulsory Education Act, 2009. A bench of Justices B V Nagarathna and K V Viswanathan further asked the Centre to consider including data of such children in the upcoming census, scheduled to be carried out in 2027. The Supreme Court was hearing a plea raising concerns for orphans in need of care and protection. The bench further directed the states to survey orphaned children who had been granted admission in schools under the provisions of the 2009 Act. The petitioner said schemes of the Centre and the state governments for protection and care of orphans were inadequate, requiring consideration. 'States to make a survey of the orphan children who have already been granted admission under the provisions of the Act as well as a survey of the children who have been denied such right to free and compulsory education under the Act and if so, for what reasons,' the top court said. The states would have to return with their respective affidavits. With the survey and data collection going on, the bench asked for simultaneous efforts to ensure deserving children got admissions in neighbourhood schools. The bench granted four weeks to the authorities to comply with the directions. It came on record that several states, including Gujarat, Delhi, Meghalaya and Sikkim, had already issued notifications to include orphaned children within the 25 per cent quota for those belonging to weaker sections and disadvantaged groups as prescribed in Section 12 (1) (c) of the law. Section 12 deals with extent of school's responsibility for free and compulsory education. The bench said other states might also consider issuing similar notification and file a related affidavit on record. It posted the matter for September 9. During the hearing, the petitioner sought directions to the Centre to consider having a data of orphans in the upcoming census. 'There must be a box with regard to orphans also,' the bench told Solicitor General Tushar Mehta, who was appearing in some other matter. The bench said then the government would automatically get the data of orphan children. 'It should be. I would take it up because orphans are our responsibility,' Mehta said. When the petitioner said the Centre should be asked to file a detailed affidavit on the aspects raised in the plea, the bench said it would consider all the issues. The bench observed there were Juvenile Justice Committee in all high courts and national consultations were also being held on these issues. 'So it is not as bad as it was,' the bench said, 'positive things are also happening'. The petitioner contended that India gives a lot of support and lot of opportunities to children of weaker sections such as scholarships, reservations, jobs, loans, etc., but there was nothing for orphans. She said UNICEF estimates 25 million orphans in India. 'We as a country don't even have an official number of orphans. We are right now doing a historic caste census and in that we are not counting orphans,' the petitioner said. India's 16th Census with caste enumeration will be carried out in 2027 with the reference date of October 1, 2026 in snow-bound areas like Ladakh and of March 1, 2027 in the rest of the country. The apex court had on July 2018 agreed to examine the plea seeking reservation in educational institutions and government jobs for orphans, who have no linkage in society, on par with those belonging to the SC/ST and OBC category.s
&w=3840&q=100)
First Post
an hour ago
- First Post
Explained: How BCCI is set to be kept out of RTI Act's ambit after latest amendment by Sports Ministry
A crucial clause in the National Sports Governance Bill would have brought a financially independent BCCI under the ambit of the RTI Act, but it is set to change. read more BCCI will not fall under the ambit of the RTI Act after an amendment to the National Sports Governance Bill. Image: AFP The Board of Control for Cricket in India (BCCI) has received a major relief from the Sports Ministry, as a crucial amendment has reportedly ensured that the richest cricketing board in the world will not come under the ambit of the Right to Information (RTI) Act. The BCCI has been independent of the Sports Ministry all this while, but the National Sports Governance Bill, which was tabled in Lok Sabha on 23 July by Union Minister Mansukh Mandaviya, brought the Indian cricket board under the ambit of the proposed National Sports Board (NSB). STORY CONTINUES BELOW THIS AD The National Sports Governance Bill seeks to provide recognition to National Sports Federations (NSFs) and regulate their functioning, promoting better governance and bringing in more transparency. The BCCI will remain an autonomous body under the National Sports Governance Bill, just like the other NSFs, but their disputes will be handled under the National Sports Tribunal. Despite being tabled on 23 July in the Lok Sabha, the National Sports Governance Bill has not come up for discussion in the House due to a prolonged stand-off between the government and the opposition over other matters. How will BCCI be kept out of RTI Act ambit? Amid the logjam in the Parliament, the BCCI has received some good news as sources say that the Sports Ministry has amended the RTI-related provision of the National Sports Governance Bill. As per the latest amendment, only the sports federations that rely on government grants and assistance will now fall under the ambit of the RTI Act. Earlier, clause 15 (2) stated that 'a recognised sports organisation shall be considered as a public authority under the Right to Information (RTI) Act, 2005 with respect to the exercise of its functions, duties and powers under this Act.' But BCCI wasn't comfortable with the situation and reportedly protested coming under the RTI Act as it does not depend on government grants. The amendment has now brought an end to their worries. 'The amended clause defines public authority as an entity that is relying on government funds or assistance. With this amendment, there is a clear definition of what is a public authority,' a well-placed source told PTI. 'If this had not been done, it would have been a grey area that could have led to the bill getting held up or being challenged in court. So anything that involves public money will come under RTI. It defines the specifics,' the source added. STORY CONTINUES BELOW THIS AD 'And even if a national sports body is not taking government funds, it can still be questioned if government assistance of any kind is involved in the conduct or operation of its events. Because government assistance is not merely funds, it is also about infrastructure,' he explained. The RTI Act defines a 'public authority' as any institution or body established by a law passed by Parliament or a State Legislature, including those owned, controlled, or significantly funded by the government. The amended sports bill aims to align with this definition. Once enacted, the BCCI will be required to register as a National Sports Federation (NSF), as cricket is now an Olympic sport and is set to debut in the T20 format at the 2028 Games.
Mint
an hour ago
- Mint
Income Tax: Know THESE 10 key terms before you file your return for FY 25
As the September 15 deadline to file the income tax return (ITR) for the financial year 2024-25 draws closer, most taxpayers are expected to be busy arranging documents for filing their return well on time. Although it is recommended to seek an expert's advice - a chartered accountant or an income tax expert – before you click 'submit' on the income tax e-filing portal, it is not unusual to do everything on your own. This is quite prevalent among young salaried professionals or freelancers to stick to DIY while they examine their annual income and tax liability. Here we list out ten key terms that are too important for taxpayers to be ignored. I. Gross Income: As the name suggests, this term refers to the total income earned during the year, including money earned in the form of salary, freelance assignments, rental income, sale of shares, prize money, etc. A lot of calculations go into it before the tax component can be computed on it. II. Deductions: After gross income is calculated, taxpayers are entitled to deduct the sum allowed as legitimate deductions as per the I-T Act. This can be allowed under various provisions, such as 80C or 80D for investing in PPF and health insurance, respectively. III. Exemptions: Unlike deductions, exemptions refer to the income which are not taxable. For example, interest on PPF or agricultural income. IV. Rebate: This refers to the sum waived off from the total tax on account of certain purposes. One example of a rebate is section 87A (rebate), which is allowed upto ₹ 25,000 for those taxpayers who are earning less than ₹ 7 lakh under the new tax regime. V. Capital gains: This refers to the income earned on account of the sale of an asset, including property, gold, or securities. Capital gain could be short-term or long-term based on the tenure of the holding period of the asset. VI. ITR form: Another term that taxpayers must be aware of is the ITR form. There are different ITR forms for different categories of taxpayers, such as salaried, business persons, and freelancers. VII. New Tax Regime (NTR): Currently, the income tax department allows taxpayers to file their tax returns under one of the two regimes: old and new. As the name suggests, old has been around for a long time, and the latest regime is referred to as 'new tax regime' since 2020-21 when it was first introduced. The old regime has higher tax rates but a larger number of deductions, whereas the new regime has lower rates of tax but without those deductions. VIII. Cess: The Government of India levies a 4 percent cess on total tax (which includes surcharge) to fund health and education. IX. TDS (Tax deducted at source): Typically, employers deduct tax during the year while disbursing salary to employees. This tax paid in advance is shown as TDS in the Annual Information Statement (AIS). X. Total Tax payable: Finally, after all the deductions and rebates are deducted, and cess is added, the figure that is reflected is known as the total tax payable. Notably, it may be zero or negative (which leads to a tax refund) when it is already paid in advance in the form of TDS. For all personal finance updates, visit here
