New Delhi, The Income Tax Department has come out with an interim action plan for the financial year 2024-25, which includes identification or prosecution of potential cases, including short payment of TDS and faster disposal of appeals.
The action plan also prescribes the timeline for sanction of refunds, identification of cases where seized assets are to be released and a deadline for their release by June 30, 2024.
It also called for finalizing compounding proposals pending by March 31, 2024, and disposing of at least 150 appeals by June 30.
It said disposal of appeals filed before April 1, 2020 should be given priority, followed by disposal of appeals filed after April 1, 2020.
Sandeep Sehgal, Partner-Tax, AKM Global, said the Central Board of Direct Taxes (CBDT) has unveiled its interim action plan for FY 2024-25, which is a significant progress towards enhancing tax administration efficiency.Immediate measures have been initiated for resolution of grievances through e-Nivaara and CPGRAM platforms, which serve as important mechanisms for grievance redressal.
“Taxpayers are now required to file applications before the assessment office for pending refunds relating to their respective assessments.
Sehgal said, this proactive approach is aimed at expediting the refund process, providing considerable relief to taxpayers and promoting a structured framework to enhance tax administration efficiency.
Further, a significant initiative has been taken to expedite the processing of applications for nil/reduced TDS or TCS certificates under section 195/197/206C, with a view to resolve them within a month of receipt from April 1, 2024. With commitment. This streamlined process empowers taxpayers to better manage their cash flow and navigate the tax filing process with ease.The scheme also gives priority to resolution of audit objections, aiming to dispose of 50 per cent of major and 75 per cent of minor internal as well as revenue audit objections received by December 31, 2023 and plans to dispose of them by June 30, 2024.
This proactive approach facilitates timely remedial action and optimizes procedural efficiency.
Sahaga said, “The proactive measures outlined in the action plan underline CBDT's commitment to revenue generation, while also promoting an enabling environment for ease of compliance. This will help in enhancing taxpayer confidence and fostering a culture of compliance.” This is in line with the government's overarching goal of
Nangia Andersen Tax Leader Arvind Srivatsan said the guidelines are aimed at ensuring focused efforts on tax collection, dispute resolution, high value cases, pending information requests and updating tax data within the technology portal."The detailed nature of the guidelines highlights the careful planning done by the government on various fronts. Ultimately, these directions are aimed at maintaining business as usual, ensuring adherence to tax collection targets thereby promoting fiscal management and additional Borrowing needs are reduced. In short, Srivatsa said, the aim is to safeguard tax collections.
The action plan also prescribes the timeline for sanction of refunds, identification of cases where seized assets are to be released and a deadline for their release by June 30, 2024.
It also called for finalizing compounding proposals pending by March 31, 2024, and disposing of at least 150 appeals by June 30.
It said disposal of appeals filed before April 1, 2020 should be given priority, followed by disposal of appeals filed after April 1, 2020.
Sandeep Sehgal, Partner-Tax, AKM Global, said the Central Board of Direct Taxes (CBDT) has unveiled its interim action plan for FY 2024-25, which is a significant progress towards enhancing tax administration efficiency.Immediate measures have been initiated for resolution of grievances through e-Nivaara and CPGRAM platforms, which serve as important mechanisms for grievance redressal.
“Taxpayers are now required to file applications before the assessment office for pending refunds relating to their respective assessments.
Sehgal said, this proactive approach is aimed at expediting the refund process, providing considerable relief to taxpayers and promoting a structured framework to enhance tax administration efficiency.
Further, a significant initiative has been taken to expedite the processing of applications for nil/reduced TDS or TCS certificates under section 195/197/206C, with a view to resolve them within a month of receipt from April 1, 2024. With commitment. This streamlined process empowers taxpayers to better manage their cash flow and navigate the tax filing process with ease.The scheme also gives priority to resolution of audit objections, aiming to dispose of 50 per cent of major and 75 per cent of minor internal as well as revenue audit objections received by December 31, 2023 and plans to dispose of them by June 30, 2024.
This proactive approach facilitates timely remedial action and optimizes procedural efficiency.
Sahaga said, “The proactive measures outlined in the action plan underline CBDT's commitment to revenue generation, while also promoting an enabling environment for ease of compliance. This will help in enhancing taxpayer confidence and fostering a culture of compliance.” This is in line with the government's overarching goal of
Nangia Andersen Tax Leader Arvind Srivatsan said the guidelines are aimed at ensuring focused efforts on tax collection, dispute resolution, high value cases, pending information requests and updating tax data within the technology portal."The detailed nature of the guidelines highlights the careful planning done by the government on various fronts. Ultimately, these directions are aimed at maintaining business as usual, ensuring adherence to tax collection targets thereby promoting fiscal management and additional Borrowing needs are reduced. In short, Srivatsa said, the aim is to safeguard tax collections.
