29-March-2025
Taxation
 
Income tax department to compare your last year ITR with current year’s ITR for any irregularities: How taxpayers will be impacted?
26-Mar-2025

At the time of the passing of Finance Bill 2025 in Lok Sabha, the finance minister Nirmala Sitharaman proposed to amend Section 143(1) of the Income Tax Act, 1961. The Income Tax Department has also released the FAQs on the same. As per the FAQs issued, “Section 143(1) has been amended to provide for checking any inconsistency in the return with respect to the information in the return of any preceding previous year, as may be prescribed.” The FAQ further added that these inconsistencies are yet to be prescribed.

News Source:- https://economictimes.indiatimes.com/wealth/tax/income-tax-department-to-compare-your-last-year-itr-with-current-years-itr-for-any-irregularities-how-taxpayers-will-be-impacted/articleshow/119479994.cms
 
 
 

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