Business Standard

Taxing times: Businesses face tax heat over deductions claimed for cess

CBDT tells I-T officials to nudge entities; move could help garner over Rs 5,000 cr


The deadline for assessees to resolve/rectify tax returns will end on March 31

Shrimi Choudhary New Delhi
The Central Board of Direct Taxes (CBDT) has asked top income-tax officers to nudge entities that had claimed deduction on account of cess or surcharge over the past several years to voluntarily pay the differential tax to avoid penalties.

The deadline to resolve and rectify tax returns is March 31.

After March 31, the amount claimed or taken will be treated as “under-reported” income and subject to a 50 per cent penalty.

The directive was among the key items taken up by the CBDT in its Tuesday meeting, chaired by Chairman Nitin Gupta.

Besides, the apex body took stock of

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First Published: Jan 24 2023 | 11:31 PM IST

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