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Different sectors in India have put forth their needs and demands. Here are 15 important things in the wish list of the common man regarding income tax.
NRI ITR filing: The income tax return filing for non-residents (NRI) is a painful process. This is because they are required to use ITR- to report for simple incomes such as interest income, dividends etc. However, resident individuals can use Simplified ITR-1 or Sahaj to report similar incomes. Union Budget 2024 in February should address this issue.
Various experts have varied views about Form-71 which is used by individual taxpayers to claim TDS credit if it was not deducted in the year when the income was generated. At present a duly filled up Form 71 is submitted online and then the AO checks the claim and either grants or rejects the TDS credit.
The issues identified encompass the disallowance of claims for deduction under sections 80-IE and 80-JJAA of the Income Tax Act
From Assessment Year 2023-24, individuals will have the flexibility to submit a fresh ITR after discarding the previous submission, without having to verify the original, discrepancy-ridden return