Immediate steps of this Interim Plan includes addressing grievances through e-Nivaran and CPGRAM platforms.
The Income Tax Department has unveiled its interim action plan for the fiscal year 2024-25, focusing on crucial areas such as the identification of cases related to TDS short-payments and the swift processing of appeals. This lays down specific deadlines for refund approvals, asset release, and compounding proposals.
A significant aspect of the plan is the identification of cases where seized assets are due for release, with a target to complete these releases by June 30, 2024. It also places emphasis on prioritizing appeals filed both before and after April 1, 2020.
AKM Global’s Tax Partner, Sandeep Sehgal, commended the Central Board of Direct Taxes’ (CBDT) efforts to enhance tax administration efficiency through this effort. 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 pertaining to their respective assessments,” Sehgal stated, highlighting the proactive approach to expedite the refund process and provide relief to taxpayers.
Furthermore, the plan aims to expedite the resolution of Nil/Lower TDS or TCS Certificates applications within a month of receipt starting April 1, 2024. It also prioritizes the resolution of audit objections, targeting the settlement of major and minor objections by June 30, 2024.
Srivatsan, Tax Leader at Nangia Andersen, highlighted the plan’s focus on tax collections, dispute resolution, and data updating for improved fiscal management.
“The detailed nature of these guidelines reflects the meticulous planning undertaken by the government. Ultimately, these directives aim to maintain business operations as usual, ensuring adherence to tax collection targets and bolstering fiscal management,” Srivatsan remarked.
The proactive measures outlined in the action plan underscore the CBDT’s commitment to revenue generation and a culture of compliance, aligning with the government’s goal of enhancing taxpayer confidence.
These steps are crucial for taxpayers, providing relief and ensuring a structured framework to enhance tax administration efficiency.
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