Introducing the “In Favour Of” filter in Case Laws.
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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>New Directive: Prioritize Wealth and Gift Tax Payments Over Income Tax Arrears in Installments Unless Specified Otherwise.</h1> The Board has observed that when an assessee owes income tax (IT), wealth tax (WT), and gift tax (GT) and makes payments in installments, these payments are often applied to income tax arrears first. This practice results in the accumulation of WT and GT arrears, misrepresenting the collection of direct taxes other than income tax. To address this, the Board instructs that unless the assessee specifies otherwise, installment payments should first be applied to WT and GT dues before income tax. This directive should be communicated to all income tax officers responsible for collections to ensure compliance.
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