CAs, taxpayers push back after Income Tax dept sends rebate notices

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CAs, taxpayers push back after Income Tax dept sends rebate notices - Business Standard

Quick Summary:

Settlement of demand: If the amounts involved are relatively small and the taxpayer prefers to avoid prolonged disputes, settling the tax demand might be a “pragmatic approach” to prevent further complications.

Consequently, a 15-day window was opened between January 1 and January 15, 2025, for taxpayers to revise their ITRs.

However, those who filed returns after July 5, when the income tax return utility was updated, were denied the rebate on their STCG income.