In a recent directive from the Central Boardof Direct Taxes (CBDT), income tax officershave been mandated to scrutinize the top 30cases of short payment concerning taxdeducted at source (TDS). Additionally, theyare tasked with resolving at least 150appeals by the Commissioner of Income Taxabefore June 30 of this fiscal year.
This initiative forms a crucial part of theinterim action plan outlined by the CBDT forathe fiscal year 2024-25, which delineatespriority areas for field formations.
“Apart from addressing statutory limitationmatters, our focus lies on achieving the KeyResult Areas within specified timelines,”stated a recent communication from theCBDT to its officials.
The CBDT traditionally releases an interimaction plan at the commencement of eachfinancial year, refining it as necessary beforefinalizing a comprehensive plan later in theyear.
Furthermore, the CBDT has underscored thenecessity of conducting seminars andawareness campaigns regarding TDS. Overthe years, TDS has emerged as a significantrevenue stream for the government, soaringfrom Rs 2.13 lakh crore in FY 13 to astaggering Rs 8.17 lakh crore in FY23.
In its interim plan for the ongoing fiscal year,the CBDT has also urged the promptapproval of all pending refunds withheldunder Section 241 (A), following completionof scrutiny assessments and requisite orders,either immediately or by April 30 of this year.
Moreover, the directive mandates the timelysharing of all information requested byenforcement agencies such as the CBI, SEBI,and Enforcement Directorate. Informationsought before March 31, 2024, should beshared by month-end, while requests receivedafter April 1 necessitate a response within 15days.
Field officers are further instructed to identifycases where seized assets are due forrelease under Section 132B and facilitatetheir release by June 30 of this year.