The Income Tax department has released an interim action plan for the fiscal year 2024-25. The plan will focus on tax collections, dispute resolution, and data updating for better fiscal management.
The focus is on areas such as identifying cases of TDS short-payment, expediting appeals processing, and other processes. The plan sets deadlines for refund approvals, asset release, and compounding proposals. In cases where seized assets are due for release, the release would be done by June 30, 2024, as per the plan.
Pending refunds by April 30
In good news for taxpayers whose tax refund of the last assessment year is stuck, the I-T department plans to settle the remaining pending refund cases by April 30, as per the interim plan. It has also set a target to settle e-redressal cases by May 5.
The department also aims to speed up the resolution of Nil/Lower TDS or TCS Certificates applications within a month of receipt from April 1, 2024.
The interim plan also stipulated that at least 150 appeals must be resolved by June 30 and that compounding proposals that were pending as of March 31, 2024, must be finalised.
Increasing efficiency
The Central Board of Direct Taxes (CBDT) is reportedly trying to enhance tax administration efficiency through this plan. Immediate steps include addressing grievances through e-Nivaran and CPGRAM platforms.
Audit objection resolutions are also being prioritised, targeting settlement of major and minor objections by June 30, 2024.
The proactive measures outlined in the action plan underscore CBDT’s commitment to revenue generation, while fostering ease of compliance. This aligns with the government’s goal of enhancing taxpayer confidence, according to sources.
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