The Income Tax Department has introduced an interim action plan for the fiscal year 2024-25, focusing on key areas such as identifying instances of TDS short-payment and expediting appeals processing.
The plan includes deadlines for refund approvals, asset release, and compounding proposals. It also outlines the identification of cases where seized assets are due for release by June 30, 2024.
Special emphasis is placed on prioritizing appeals filed before and after April 1, 2020. Additionally, the plan specifies that at least 150 appeals must be resolved by June 30, and that pending compounding proposals as of March 31, 2024, must be finalized.
The Central Board of Direct Taxes (CBDT) is highlighted for its efforts to enhance tax administration efficiency through this plan. Immediate steps include addressing grievances through e-Nivaran and CPGRAM platforms.
Taxpayers are now required to file applications before the assessing officer for pending refunds related to their respective assessments as part of the proactive approach to expedite the refund process, offering relief to taxpayers and fostering a structured framework to enhance tax administration efficiency.
The plan also aims to streamline the resolution of Nil/Lower TDS or TCS Certificates applications within a month of receipt from April 1, 2024, benefiting taxpayers’ cash flows. Audit objection resolutions are prioritized, targeting the settlement of major and minor objections by June 30, 2024.
These proactive measures underscore the CBDT’s commitment to revenue generation while fostering an environment conducive to ease of compliance. This aligns with the government’s overarching goal of enhancing taxpayer confidence and promoting a culture of compliance.