In a recent move by the Income Tax Department, filers have been cautioned against submitting inaccurate information while filing their income tax returns for the year 2023-24 under the New Tax Regime 2024. The department has emphasized the importance of honesty and accuracy in reporting earnings, deductions, and expenses to prevent delays in the refund process.
The Income Tax Department, along with the Central Board of Direct Taxes (CBDT), revealed that over five crore Income Tax Returns (ITRs) have already been filed by July 26, with an additional 28 lakh ITRs submitted on the same day. A key message from the department urges taxpayers to file their returns correctly to facilitate prompt refunds.
Refund claims are subject to thorough verification checks, which could result in delays if inconsistencies or inaccuracies are found. The department stressed that precise filing of ITRs plays a crucial role in expediting the refund process, whereas discrepancies in claims may necessitate a revised return to be filed by the taxpayer.
Furthermore, the Income Tax Department cautioned against falsely claiming Tax Deducted at Source (TDS) amounts, highlighting that such actions are punishable offences as outlined in a recent public communication. It is imperative for taxpayers to adhere to the guidelines and regulations set forth by the department to avoid penalties and legal ramifications.
With the deadline for filing ITRs set as July 31, taxpayers are reminded of the consequences of missing the deadline. While ITRs can still be filed until December 31, a penalty will be levied, especially for individuals with a net taxable income exceeding Rs 5 lakh for the financial year 2023-24 (assessment year 2024-25). Under the New Tax Regime 2024, the government aims to streamline the direct tax system by simplifying the process and promoting greater compliance among taxpayers.
According to CBDT Chairman Ravi Agrawal, a significant proportion of ITR filings this year have been done under the new tax regime, signaling a positive response to the changes aimed at enhancing transparency and efficiency in tax compliance. Unlike the previous tax regime, the new system offers lower tax rates but eliminates several deductions previously available to taxpayers, ultimately aiming to create a more straightforward and efficient tax regime.
