Big Relief for Taxpayers! Income Tax Rectification Applications Now Available Online at E-Filing Portal

The Income Tax Department has provided major relief to taxpayers by launching a new feature on its e-filing portal. The new feature has now permitted taxpayers to furnish rectification applications online against certain income tax orders. Earlier, the process of the same was too lengthy and convoluted; taxpayers were either required to file the application manually or take help from an Assessing Officer (AO). Also, as per the new feature, now taxpayers can file the rectification application directly to the concerned authority.

The Income Tax Department has clarified that taxpayers can now furnish rectification applications related to TP (Transfer Pricing), DRP (Dispute Resolution Panel), and Revision Order directly to the relevant authorities via the income tax e-filing portal.

As per experts, this is a very significant improvement by the tax department and a crucial relief to taxpayers, as now they will no longer be required to make repeated visits to the authority officers to correct errors. The new feature has not only saved the time of taxpayers but also made the entire rectification process more transparent and simpler.

Revision orders are issued by senior income tax officials to amend or quash an assessment under Section 263 and 264 if it is felt that the order is against the interest of the tax department or is illegal as per the law. Section 263 is pursued to protect the interests of the Income Tax Department, while Section 264 is pursued to provide relief to the assessees/taxpayers. Both are exercised by the Commissioner of Income Tax (CIT).

The feature has entirely shifted the rectification process online. The feature has not only reduced the need for physical documentation but also made the operations more efficient and faster for both taxpayers and the department.