CBDT’s New Rules for Faster Tax Refunds and ITR Corrections.
New CBDT rules empower the Commissioner of Income Tax (CPC), Bengaluru, to rectify obvious errors. This move aims to expedite the correction of accounting mistakes, reduce administrative delays, and ensure timely and accurate refunds for taxpayers, enhancing compliance and transparency.
The Central Board of Direct Taxes (CBDT) has introduced new rules to simplify the correction of income tax return errors and issuance of refunds. The key highlights of the new rules are:
Empowerment of CPC: The CBDT has empowered the Commissioner of Income Tax (CPC), Bengaluru, to rectify obvious errors in tax computation, prepaid credits, and refund calculations under Section 154 of the Income Tax Act.
Concurrent Jurisdiction: The CPC now has concurrent jurisdiction with Assessing Officers to handle rectification cases, reducing administrative bottlenecks and ensuring timely refunds.
Rectification of Errors: The CPC can correct computational or accounting errors, such as non-consideration of prepaid tax credits, reliefs, or incorrect interest computation under Section 244A.
Issuance of Demand Notices: The CPC can issue notices of tax demand under Section 156 where necessary.
Benefits to Taxpayers:
Faster Refunds: The new rules enable swift rectification of errors, facilitating timely release of refunds.
Reduced Compliance Burden: The centralized rectification mechanism reduces administrative delays and minimizes inter-office correspondence.
Improved Transparency: The automated system enhances data accuracy and audit trail, ensuring transparent processing of tax credits and reliefs.
Who Can Rectify Errors:
Commissioner of Income Tax (CPC): The CPC, Bengaluru, has been empowered to handle rectification cases.
Additional/Joint Commissioners: The Commissioner can delegate powers to Additional or Joint Commissioners.
Assessing Officers: Assessing Officers can also be authorized to use these powers for specific cases.
Team: Economiclawspractice.com
Follow us on LinkedIn:
https://www.linkedin.com/company/intellexconsulting
https://www.linkedin.com/company/intellexcfo-com/
https://www.linkedin.com/company/venture-streets/
https://www.linkedin.com/company/growmoreloans-com/
https://www.linkedin.com/company/growmorfranchisees/
Websites:
www.IntellexCFO.com ,
www.StartupStreets.com,
www.GrowMoreLoans.com,
www.GrowMoreFranchisees.com,
www.CreditMoneyFinance.com