https://www.taxtmi.com/news?id=21008 The Income Tax Department now functions predominantly online with returns, assessments, refunds and queries processed electronically; all returns are to be processed within twenty-four hours with refunds issued simultaneously. Verification and assessment of returns selected for scrutiny will be conducted through an anonymised back office staffed by tax experts, removing personal interface between taxpayers and tax officers. These procedural reforms accompany substantive tax-relief measures including higher exemption limits, a Standard Deduction, increased deduction ceilings under Section 80C and housing interest, reduced presumptive profit rates, raised presumptive thresholds, and a lower corporate tax rate for companies below a turnover threshold. en-us Fri, 01 Feb 2019 13:53:25 +0530 Fri, 01 Feb 2019 13:53:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/news?id=21008 The Income Tax Department now functions predominantly online with returns, assessments, refunds and queries processed electronically; all returns are to be processed within twenty-four hours with refunds issued simultaneously. Verification and assessment of returns selected for scrutiny will be conducted through an anonymised back office staffed by tax experts, removing personal interface between taxpayers and tax officers. These procedural reforms accompany substantive tax-relief measures including higher exemption limits, a Standard Deduction, increased deduction ceilings under Section 80C and housing interest, reduced presumptive profit rates, raised presumptive thresholds, and a lower corporate tax rate for companies below a turnover threshold. News - Fri, 01 Feb 2019 13:53:25 +0530 https://www.taxtmi.com/news?id=21008