New I-T Bill: No ITR filing Exemptions For Small Taxpayers, Late Filers Can Claim Refunds
The new Income Tax Bill, 2025, passed by the Lok Sabha, clarifies that late-return filers are eligible for refunds on excess taxes deducted in a financial year. Analysts said on Tuesday that the bill was missing the proposal to eliminate the requirement for small taxpayers to file returns just to claim tax refunds. The new…