FOR EARLY & SATISFACTORY RESOLUTION OF TAXPAYERS’ GRIEVANCES RELATING TO VERIFICATION & CORRECTION OF TAX DEMAND OUTSTANDING AGAINST THEM –CIRCULAR CBDT
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
Exploring Corporate Bonds in India - A Comprehensive Guide Corporate bonds in India represent a compelling investment option, offering a… Read More
Central Board of Direct Taxes Mandates E-Filing of Appendix-II Forms under Income Tax Rules, 1962 The Central Board of Direct… Read More
Payment System or mechanism under GST Regime General Rules for Payments Regular taxpayers under GST must compute tax monthly,… Read More
Rule 86B under the GST Regime Rule 86B is a provision introduced under the Goods and Services Tax (GST) regime… Read More
Big Relief to Taxpayers- welcome change for GST taxpayers The recent update by the Goods and Services Tax Network (GSTN)… Read More
Central Board of Indirect Taxes & Customs Circulars Issued on 26th June 2024 Following the recommendations from the 53rd GST… Read More