The Income Tax department has set new rules and action plans for FY 24-25 with a focus on things like short payment of TDS, accelerating appeals, and refund approvals among few. Also designated as the interim action plan, this is a node to act upon the immediate items. This new Income Tax Interim rule is explained well in this article.
The Income Tax department plans on setting deadlines for releasing assets, approving refunds, and identifying cases where the seized assets need to be released to help release them by 30th June. The plan also details the focus on settling the pending compounding proposals.
Also read: TDS on Sale of Property by NRI in India [New Rates for 2024]
The Central Board of Direct Taxes (CBDT) is also planning to enhance tax administration efficiency and address grievances via platforms like E-Nivaran and CPGRAM. They are also planning to fasten the procedure for Lower TDS or TDS certificate applications and provide users with an amicable solution within a month of receipt of the application. Another major change that will be built upon is resolving audit objections and mirroring CBDT’s core focus on simplifying tax compliance to increase revenue. The new Income Tax interim rule from the IT Department will help them focus on tax collection, dispute resolution, and updating of data for better fiscal management.
Also read: Getting ITR Notice as NRI/OCI? Here’s what you need to know
Calculate your TDS Refund with SBNRI’s TDS Refund Calculator
A TDS refund is the process of reclaiming the excess tax deducted at source by the payer if the actual tax liability of the taxpayer is lower than the TDS deducted. This situation typically arises when the income tax calculated on the total income is less than the TDS already deducted. To claim a TDS refund, taxpayers need to file an income tax return (ITR). The Income Tax Department processes the ITR and verifies the details. If the tax department finds that the TDS paid is more than the actual tax liability, the excess amount is refunded to the taxpayer.
You can easily find out how much tax refund you can get by calculating your TDS Refund from this TDS Refund Calculator.
Access SBNRI’s Exclusive NRI Taxation Guide
NRIs and OCIs can now access SBNRI’s exclusive NRI Taxation Guide covering in-depth information about DTAA, Gift Tax, Rental Income Tax, ITR Filing, Types of ITR Forms for NRIs, Capital Gain Tax, Income Tax, and more. The report will help you understand India taxation on mutual funds, other asset classes and how you can comply with the regulations.
Access NRI Taxation report here
Connect with SBNRI
At SBNRI, we have tax experts to resolve any queries that NRIs may have related to NRI income tax and ITR notices. You can download SBNRI App to connect with our NRI Income Tax Experts and get end-to-end assistance related to NRI tax filing. SBNRI will also help you get a lower TDS Certificate.
You can also click on the button below to ask any questions. Visit our blog and YouTube Channel for more details.
