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Jul 22, 2025
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Parliamentary panel suggests relief in refunds to small tax payers if ITR not filed in due time
A Parliamentary panel, which examined the new Income Tax Bill, on Monday suggested that the Finance Ministry should allow individual taxpayers to claim TDS refunds by filing I-T returns after the due date without penalty, and exempt anonymous donations made to religious-cum-charitable trusts from taxation.
BJP Member Baijayant Panda, who headed the Select Committee of the Lok Sabha to scrutinise the Income Tax Bill, 2025, tabled the report in the Lower House.
The Committee has recommended changes in the Income Tax Bill, 2025, which will replace the six-decade-old Income Tax Act, 1961.
The panel suggested that the ambiguity with regard to Non-Profit Organisations (NPOs), especially those with mixed charitable and religious objectives, for taxing anonymous donations should be removed.
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