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In a relief to taxpayers, the government is likely to amend the controversial refund provision in the new Income Tax (I-T) Bill, 2025, which denies refunds if the I-T return isn filed after the due date, according to an official in the finance ministry.
Section 433 of the new I-T Bill states a refund must be claimed by filing a return regardless of whether it is belated. In contrast, Section 263(1)(a)(ix) specifies that to qualify for a refund, the return must be filed on or before the due date, creating a contradiction.
“Experts and stakeholders have raised concern over the
