Finance minister directed income tax officers to accelerate the disposal of disputed tax demands, timely process tax refunds, and proactively resolve taxpayer grievances. She said that all departmental appeals falling below the revised monetary thresholds as notified in recent policy changes should be identified and withdrawn within a period of three months.

Finance minister directed income tax officers to accelerate the disposal of disputed tax demands, timely process tax refunds, and proactively resolve taxpayer grievances. She said that all departmental appeals falling below the revised monetary thresholds as notified in recent policy changes should be identified and withdrawn within a period of three months.

She also commended the CBDT for its work in drafting the new income tax Bill, which successfully embodies the Prime Minister's vision of simplification and clarity in laws. She asked the department to be prepared to conduct nationwide awareness and capacity-building programmes once the Bill is duly passed by the Parliament.

The Income Tax Department has said that if you are caught giving wrong information in your return, you could face a penalty of up to 200% of the tax due, 24% annual interest, and even prosecution under Section 276C

This means a small mistake or a false claim can lead to a huge fine. To avoid trouble, make sure your income details and deductions are accurate. Read on to know what the new rules say and how to stay safe.

Common ITR Filing mistakes that can cost you heavily:

Even small errors in filing ITR can lead to a big trouble. Always double-check your claims and documents before filing. Here are some common mistakes that you should avoid:

i. ITR Mistake 1: Claiming deductions under Section 80C without having proper bills or proof

ii. ITR Mistake 2: Choosing the old tax regime to get deductions, then switching to the new one later