Meanwhile, to give relief to the common man from rising inflation, the Confederation of Indian Industry (CII) has demanded a cut in income tax from the government. This industry body has made this recommendation citing Russia’s invasion of Ukraine and China’s economic slowdown.

CII made this big demand

In fact, the Confederation of Indian Industry, the world’s important financial institution, has made disappointing predictions about the global economic rate after these developments, after which this demand has been made to the government. Significantly, on Saturday, the Center has decided to abolish export duty on iron ore and many steel products. Further, to promote exports, CII has also recommended covering all export products under the Remission of Duties and Taxes (RoDTEP) scheme, which provides refunds against various embedded taxes.

Common man will get relief

CII suggests implementing policies such as rationalizing income tax slabs and rates for taxpayers, reducing the 28% GST rate on select consumer goods, and expediting rural infrastructure projects to facilitate job creation in rural areas Have given. In addition, CII has also recommended raising capital expenditure to 3.3-3.4% of GDP in FY24 from the current 2.9%. You may recall that in the last Union Budget, a record increase of Rs 7.5 trillion was registered in capital expenditure, an increase of 35.4% from the previous financial year. The Treasury says that this number could reach ₹10 trillion with improvements in tax collection.

Why was this suggestion given?

CII said, “The cut-off date for commencement of construction under Section 115BAB of the Income Tax Act should be extended from the present 31 March 2024 to 31 March 2025. This would encourage more investment in the manufacturing sector and exports.” Apart from this, CII said that the budget should promote the speedy functioning of important dispute resolution mechanisms like Faceless Appeal, Advance Pricing Agreement (APA) mechanism, Advance Ruling Board (BAR) and Dispute Resolution Scheme (DRS).

The post Attention ITR filers! These big announcements will be made in the new budget, all taxpayers will be affected first appeared on Rightsofemployees.com.

The last date for filing Income Tax Return ie ITR was 31st July. No changes have been made by the Income Tax Department in this. If you are a taxpayer and you have filed your income tax return, then this news is very important for you. Actually, after filing ITR, the most important thing is its e-verification. Without this, filing the return is considered incomplete and it can also be canceled.

This is the reason why its verification is considered more important than filing the return. After filing ITR through online mode, it is very important to do ITR E-Verification. If you have filed the return then do not forget to do the e-verification (ITR verification). Especially new taxpayers should not delay the verification at all.

Only so many days will be available for e-verification of ITR

The Income Tax Department has reduced the deadline for submission of e-verification or hard copy of ITR-V after filing income tax returns to 30 days from the existing 120 days, i.e. from today. has been implemented. The department had announced the change in the deadline by issuing a notification on July 29.

These rules have been applied to taxpayers who file their income tax returns on or after August 1. According to the new notification of CBDT, now the date of furnishing the return electronically will be considered as the same when Form ITR-V is submitted within 30 days from the date of transmitting the data electronically. Those who wish to send ITR-V in hard copy can send it to the Centralized Processing Centre, Income Tax Department, Bengaluru-560500, Karnataka through Speed ​​Post only.

Do e-verification in these ways

Verify ITR with Aadhaar OTP
Verify with bank account
Netbanking ITR Verification
Verification from Bank ATM
You can also verify with Demat account

The post Government changed rules: Get ITR E-Verification done soon, now you will get very less time first appeared on Rightsofemployees.com.