Incorrect interpretation of 87A has become a reality now. Again its the MIDDLE CLASS taking the hit!!
Sharing a case where a tax liability of ₹8K was processed as ₹29K due to incorrect interpretation of the law.
This issue could cost taxpayers (read MIDDLE CLASS) thousands of crores, particularly among individual & HUF taxpayers with rising market involvement in FY 23-24.
The law's intent has always been to support the middle class by providing a rebate up to ₹25K for those with total income under ₹7 lakhs(irrespective of normal or special rate).However, silently restricting this through the tax utility from 5th July, without any communication would classify this as a Financial blunder.
Request @IncomeTaxIndia@FinMinIndia Hon. FM @nsitharaman@nsitharamanoffc to revisit the intent of law-turn of events in below🧵 and control the situation before its gets out of hand 🙏🙏
Requesting tax professionals to revisit the thread whenever time permits, so the issue remains on radar and doesn't take the backseat.
@IncomeTaxIndia income tax e-filing site not working since today morning not able to login and download data 26AS and AIS reports. Keeping in view due date deadline makes difficult to achieve the due date filing. Pl look into the matter and resolve the issue e-filing.
@nsitharaman The Income Tax Department portal for filing tax returns is not working from July 1, https://t.co/cQamvLCJk4 the same time, no information has been announced by the department about the site not working. Please take necessary steps for easy tax return filing.
Dear Finance Minister @nsitharamanoffc
What a Joke you are Doing with Professionals who are filing ITRs with this Stupid Portal you have made.
Income Tax portal is a biggest scam in this modern days era with the Professionals.
#ITR#IncomeTax#ITPortal#Financeminister
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