Parliamentary panel recommends ease in refunds to small tax payers if IT return not filed in due time
The panel examined the Income-tax Bill 2025, which seeks to simplify language and structure of the
Income Tax Act 1961
and submitted its report
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The Income-Tax Bill, 2025, was tabled in Parliament in February and was referred to the Select Committee for a detailed examination.
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The Committee in its 4,584 page report, identified several drafting corrections based on stakeholder suggestions, which they believe are essential for clarity and unambiguous interpretation of the new bill. The parliamentary panel has made a total of 566 suggestions/recommendations in its report.
To give a significant relief to tax payers, the committee has suggested change the provision which disallows refunds, if income tax returns are filed beyond the due date.
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The law should not compel a return merely to avoid penal provisions for non-filing.
The committee suggested removing the clause of mandatory requirement of filing return to claim refund by small tax payers whose income falls below the taxable threshold but from whom tax has been deducted at source. Flexibility should be given to such tax payers and they should be allowed to claim refund even in cases where the return is not filed in due time.
To give relief to property owners, the committee suggested that the standard 30 per cent deduction should be computed on the annual value of the property after deducting municipal taxes and to ensure that deduction for pre-construction interest should be given for let-out properties along with self-occupied ones as given in the existing IT Act.
Other recommendations of the committee include aligning definition of micro and small enterprises with the
MSME Act
.
For non-profit organisations, the committee asked for clarification over the terms 'income' vs 'receipts', anonymous donations, and the removal of the deemed application concept. The panel asked for these to be fixed to avoid legal disputes.
The report also recommended amendments in the bill for clarity on
advance ruling fees
,
TDS on provident funds
, low-tax certificates, and penalty powers.
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