In a significant move, the Income Tax Department has introduced Advance Ruling Boards in Delhi and Mumbai.
These boards, functioning through email-based processes and video conferences, offer a streamlined approach to resolve tax-related queries.
Enhancing Clarity: Central Board of Direct Taxes Takes Lead
The Central Board of Direct Taxes (CBDT) established three boards in September 2021 to facilitate advance rulings.
With the launch of the e-advance ruling scheme, the aim is to expedite the entire process, ensuring transparency and accountability while minimizing physical interactions.
This initiative is expected to greatly benefit taxpayers.
Streamlined Procedures: Embracing Digital Platforms
The CBDT conveyed, “Advance ruling boards are now operational in Delhi and Mumbai, operating through email-driven procedures and conducting hearings via video conferences.”
Filing Taxes Made Simple: Income Tax Returns Overview
For individuals with taxable income in India, filing Income Tax Returns (ITR) annually is mandatory.
Failing to meet this obligation may result in penalties. Previously, the deadline for filing ITR was July 31, 2023.
However, starting now, individuals filing ITR after this deadline could face a late fee of Rs 5,000 until December 31, 2023. It’s important to adhere to these timelines to avoid financial penalties.
