Latest news with #PreetiSharma
Hans India
3 days ago
- Business
- Hans India
No ITR waiver for small taxpayers
New Delhi: The new Income-Tax Bill-2025, passed by the Lok Sabha, clarifies that late-return filers are eligible for refunds on excess taxes deducted in a financial year. Analysts said on Tuesday that the Bill was missing the proposal to eliminate the requirement for small taxpayers to file returns just to claim tax refunds. The new I-T Bill kept section 433 intact, which required that 'every claim for refund under this part shall be made by furnishing a return as per section 263'. So, effectively, the law still requires a return of income to claim a refund, with no alternative methods allowed. Taxpayers who file late or revised returns after the due date will still be eligible for refunds, the new bill suggested. Small taxpayers, including senior citizens, must file returns solely to claim a refund for excess taxes deducted at source (TDS), even if their income is below the basic exemption threshold. The committee had recommended that taxpayers should not be required to file a return just to avoid penalties. 'The current mandatory requirement solely to claim a refund could inadvertently lead to prosecution, particularly for small taxpayers whose income falls below the taxable threshold but from whom tax has been deducted at source. In such scenarios, the law should not compel a return merely to avoid penal provisions for non-filing,' the parliamentary panel had earlier suggested. Preeti Sharma, Partner, Global Employer Services, Tax and Regulatory Services, BDO India, said: 'The biggest advantage of the new law is that the common man may easily understand it with lesser efforts as compared to the old law. The revised bill has incorporated most of the changes recommended by the Select Committee. Taxpayers still have to undergo the process of assessing the right regime to follow while filing a tax return. Similarly, no changes are proposed in tax rates as introduced in Budget 2025.' The new Bill was passed, incorporating the recommendations of a 31-member parliamentary panel led by BJP MP Baijayant Panda.
India.com
4 days ago
- Business
- India.com
ATTENTION taxpayers! Small taxpayers not exempted from ITR filing under new tax bill 2025, late filers can now claim refunds; Check details
ATTENTION taxpayers! Small taxpayers not exempt from ITR filing under new tax bill 2025, late filers can now... The Lok Sabha has passed the new Income Tax Bill, 2025, which clearly says that people who file their tax returns late can still get a refund if extra tax was deducted during the year. However, experts pointed out that the bill does not remove the rule that forces small taxpayers to file a return just to get their refund. The new provision removes Clause 263(1)(ix), which earlier stopped late filers from getting their TDS refund. This change will apply from April 1, 2026, after the bill becomes law. The bill keeps Section 433 as it is. This rule says that anyone who wants a refund must file an income tax return under Section 263. This means there is still no other way to claim a refund. So, even small taxpayers, including senior citizens, whose income is below the tax-free limit, will still have to file a return if they want their TDS refund. The parliamentary committee had earlier suggested that people should not be forced to file a tax return only to avoid penalties. It said that the current rule, which requires filing a return just to claim a refund, could even lead to legal action against small taxpayers whose income is below the taxable limit but who still have TDS deducted. In such cases, the committee felt, the law should not make them file a return just to escape penalties for non-filing. Full tax relief on pension and gratuity for families of deceased employees The new bill offers major tax relief to the families of employees who have passed away. It provides a 100 per cent tax deduction on: Commuted pension (the lump-sum pension amount) Gratuity received after the employee's death This benefit, mentioned under Clause 93 of the bill, will apply to pensions received from specific funds listed in Schedule VII. Preeti Sharma, Partner at Global Employer Services, Tax and Regulatory Services, BDO India, said the biggest benefit of the new law is that it is easier for the common man to understand compared to the old one. She added that the updated bill includes most of the changes suggested by the Select Committee. However, taxpayers will still have to figure out which tax regime suits them best before filing their returns. Also, there are no changes to the tax rates announced in Budget 2025. The new bill was passed after taking into account the recommendations of a 31-member parliamentary panel led by BJP MP Baijayant Panda.
India.com
4 days ago
- Business
- India.com
ATTENTION taxpayers! Small taxpayers not exempt from ITR filing under new tax bill 2025, late filers can now claim refunds; Check details
ATTENTION taxpayers! Small taxpayers not exempt from ITR filing under new tax bill 2025, late filers can now... The Lok Sabha has passed the new Income Tax Bill, 2025, which clearly says that people who file their tax returns late can still get a refund if extra tax was deducted during the year. However, experts pointed out that the bill does not remove the rule that forces small taxpayers to file a return just to get their refund. The new provision removes Clause 263(1)(ix), which earlier stopped late filers from getting their TDS refund. This change will apply from April 1, 2026, after the bill becomes law. The bill keeps Section 433 as it is. This rule says that anyone who wants a refund must file an income tax return under Section 263. This means there is still no other way to claim a refund. So, even small taxpayers, including senior citizens, whose income is below the tax-free limit, will still have to file a return if they want their TDS refund. The parliamentary committee had earlier suggested that people should not be forced to file a tax return only to avoid penalties. It said that the current rule, which requires filing a return just to claim a refund, could even lead to legal action against small taxpayers whose income is below the taxable limit but who still have TDS deducted. In such cases, the committee felt, the law should not make them file a return just to escape penalties for non-filing. Full tax relief on pension and gratuity for families of deceased employees The new bill offers major tax relief to the families of employees who have passed away. It provides a 100 per cent tax deduction on: Commuted pension (the lump-sum pension amount) Gratuity received after the employee's death This benefit, mentioned under Clause 93 of the bill, will apply to pensions received from specific funds listed in Schedule VII. Preeti Sharma, Partner at Global Employer Services, Tax and Regulatory Services, BDO India, said the biggest benefit of the new law is that it is easier for the common man to understand compared to the old one. She added that the updated bill includes most of the changes suggested by the Select Committee. However, taxpayers will still have to figure out which tax regime suits them best before filing their returns. Also, there are no changes to the tax rates announced in Budget 2025. The new bill was passed after taking into account the recommendations of a 31-member parliamentary panel led by BJP MP Baijayant Panda.
India.com
4 days ago
- Business
- India.com
New I-T Bill: No ITR filing Exemptions For Small Taxpayers, Late Filers Can Claim Refunds
The new Income Tax Bill, 2025, passed by the Lok Sabha, clarifies that late-return filers are eligible for refunds on excess taxes deducted in a financial year. Analysts said on Tuesday that the bill was missing the proposal to eliminate the requirement for small taxpayers to file returns just to claim tax refunds. The new I-T Bill kept section 433 intact, which required that 'every claim for refund under this part shall be made by furnishing a return as per section 263'. So, effectively, the law still requires a return of income to claim a refund, with no alternative methods allowed. Taxpayers who file late or revised returns after the due date will still be eligible for refunds, the new bill suggested. Small taxpayers, including senior citizens, must file returns solely to claim a refund for excess taxes deducted at source (TDS), even if their income is below the basic exemption threshold. The committee had recommended that taxpayers should not be required to file a return just to avoid penalties. 'The current mandatory requirement solely to claim a refund could inadvertently lead to prosecution, particularly for small taxpayers whose income falls below the taxable threshold but from whom tax has been deducted at source. In such scenarios, the law should not compel a return merely to avoid penal provisions for non-filing,' the parliamentary panel had earlier suggested. Preeti Sharma, Partner, Global Employer Services, Tax and Regulatory Services, BDO India, said, "The biggest advantage of the new law is that the common man may easily understand it with lesser efforts as compared to the old law. The revised bill has incorporated most of the changes recommended by the Select Committee. Taxpayers still have to undergo the process of assessing the right regime to follow while filing a tax return. Similarly, no changes are proposed in tax rates as introduced in Budget 2025." The new bill was passed, incorporating the recommendations of a 31-member parliamentary panel led by BJP MP Baijayant Panda.
Hans India
4 days ago
- Business
- Hans India
New I-T Bill: No ITR filing exemptions for small taxpayers, late filers can claim refunds
New Delhi: The new Income Tax Bill, 2025, passed by the Lok Sabha, clarifies that late-return filers are eligible for refunds on excess taxes deducted in a financial year. Analysts said on Tuesday that the bill was missing the proposal to eliminate the requirement for small taxpayers to file returns just to claim tax refunds. The new I-T Bill kept section 433 intact, which required that 'every claim for refund under this part shall be made by furnishing a return as per section 263'. So, effectively, the law still requires a return of income to claim a refund, with no alternative methods allowed. Taxpayers who file late or revised returns after the due date will still be eligible for refunds, the new bill suggested. Small taxpayers, including senior citizens, must file returns solely to claim a refund for excess taxes deducted at source (TDS), even if their income is below the basic exemption threshold. The committee had recommended that taxpayers should not be required to file a return just to avoid penalties. 'The current mandatory requirement solely to claim a refund could inadvertently lead to prosecution, particularly for small taxpayers whose income falls below the taxable threshold but from whom tax has been deducted at source. In such scenarios, the law should not compel a return merely to avoid penal provisions for non-filing,' the parliamentary panel had earlier suggested. Preeti Sharma, Partner, Global Employer Services, Tax and Regulatory Services, BDO India, said, "The biggest advantage of the new law is that the common man may easily understand it with lesser efforts as compared to the old law. The revised bill has incorporated most of the changes recommended by the Select Committee. Taxpayers still have to undergo the process of assessing the right regime to follow while filing a tax return. Similarly, no changes are proposed in tax rates as introduced in Budget 2025." The new bill was passed, incorporating the recommendations of a 31-member parliamentary panel led by BJP MP Baijayant Panda.
