Categories: Direct TaxIncome Tax

corporate update and industry highlight

FOR EARLY & SATISFACTORY RESOLUTION OF TAXPAYERS’ GRIEVANCES RELATING TO VERIFICATION & CORRECTION OF TAX DEMAND OUTSTANDING AGAINST THEM –CIRCULAR CBDT

The Income Tax Department has taken note of grievances of taxpayers arising on account of outstanding tax demand which may be inaccurate due to non-reporting or delayed reporting of TDS by deductors leading to mismatch between the claim and data available with the Department, non-posting of challan, non-disposal of rectification applications, incorrect details of income or pre-paid taxes reported by the taxpayer, etc.

In order to swiftly and accurately resolve such grievances, the Central Board of Direct Taxes (CBDT), Department of Revenue, Ministry of Finance has issued a comprehensive Circular No. 8 of 2015 dated 14.05.2015 which is available on the websites of the Department https://www.incometaxindia.gov.in & www.incometaxindiaefiling.gov.in. circular explains the various steps to be taken by the taxpayers to view and submit their response with regard to their outstanding tax demand.

The Circular elucidates the range of facilities available and the responsibilities of the Assessing officers to verify and take corrective actions. Demand up to Rs. 1,00,000/- for an Assessment year in case of an Individual or HUF which has already been paid but is shown as outstanding due to mismatch etc. can be rectified on the basis of evidence of tax paid as submitted by the taxpayer.

The taxpayers may view their outstanding tax demand on their e-filing account atwww.incometaxindiaefiling.gov.in and follow the steps elucidated in the Circular to submit their response either agreeing with or disputing the demand.

The Income Tax Department is committed to early and satisfactory resolution of taxpayers’ grievances. About 95% of entries of Demand involve demand up toRs. 1 lakh and about 90 % of such assessees are Individuals and HUFs. It is expected that the majority of the grievances of small taxpayers can be redressed by following the procedure prescribed in the circular.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances; Hope the information will assist you in your Professional endeavors. For query or help, contact: singh@carajput.com or call \at 9555555480

Tags: grievances of small taxpayerspre-paid taxes reported by taxpayersatisfactory resolution of taxpayers

10 years ago

Rajput Jain & Associates

Rajput Jain & Associates is a Chartered Accountants firm, with it's headquarter situated at New Delhi (the capital of India). The firm has been set up by a group of young, enthusiastic, highly skilled and motivated professionals who have taken experience from top consulting firms and are extensively experienced in their chosen fields has providing a wide array of Accounting, Auditing, Taxation, Assurance and Business advisory services to various clients and their stakeholders. Rajput jain & Associates, a professional firm, offers its clients a full range of services, To serve better and to bring bucket of services under one roof, the firm has merged with it various Chartered Accountancy firms pioneer in diversified fields. We have associates all over India in big cities. All our offices are well equipped with latest technological support with updated reference materials. We have a large team of professionals other than our Core Team members to meet the requirements of our prospective clients including the existing ones. However, considering our commitment towards high quality services to our clients, our team keeps on growing with more and more associates having strong professional background with good exposure in the related areas of responsibility.