Consider these 9 things before investing in mutual funds!
What is the right way to invest in mutual funds? How do mutual funds work? What kind of risk is involved? Which fund is right for whom? What things should be kept in mind before investing? Watch this video to know-
To reduce the disputes associated with the Income-Tax department, the government is taking continuous steps. In line with this effort, the government has introduced the e-appeal scheme. Taxpayers can now file their appeals electronically before the Joint Commissioner against decisions made by the income tax officer. The government aims to expedite the resolution of minor tax-related disputes through this scheme.
Under the e-scheme, aggrieved taxpayers can present their cases before the Joint Commissioner (Appeals) against I-T orders. However, the order must be issued by an officer below the rank of Joint Commissioner. A new Section 246 has been introduced in Chapter XX of the Income Tax Act through the Finance Act 2023. In the budget for the financial year 2023-24, Finance Minister Nirmala Sitharaman proposed the deployment of around 100 Joint Commissioners. The objective is to reduce the burden of appeals at the Commissioner level.
What changes can be expected?
Under the current system, the first appellate authority is the Commissioner (Appeals). They have a large number of pending cases. Each year, the number of pending cases continues to rise. Now, Joint Commissioners can hear cases that involve smaller amounts. This will expedite the resolution of pending cases.
How will relief be obtained?
Under the e-appeal scheme, taxpayers can appeal before the Joint Commissioner in cases where an intimation was issued under Section 143. Additionally, appeals can be made against assessment orders passed under Section 143(3) or best judgment assessment orders issued under Section 144. The entire process between the appellant and the Joint Commissioner (Appeals) will be conducted electronically.