The motion plan additionally stipulates timeline for approval of refunds, identification of instances the place seized belongings are due for launch and launch the identical by June 30, 2024.
Taxpayers are actually required to file purposes earlier than the assessing officer for pending refunds pertaining to their respective assessments.
The revenue tax division has come out with an interim motion plan for 2024-25 fiscal yr, which embody identification of potential instances of prosecution, whereby there may be brief-cost of TDS and quicker disposal of appeals.
The motion plan additionally stipulates timeline for approval of refunds, identification of instances the place seized belongings are due for launch and launch the identical by June 30, 2024.
It additionally referred to as for finalisation of compounding proposals pending as on March 31, 2024, and disposal of no less than 150 appeals by June 30.
Priority ought to be given to disposal of the appeals filed previous to April 1, 2020, adopted by disposal of appeals filed after April 1, 2020, it mentioned.
AKM Global, Partner- Tax, Sandeep Sehgal mentioned the Central Board of Direct Taxes (CBDT) has unveiled its interim motion plan for FY 2024-25, marking a major stride in the direction of enhancing tax administration effectivity.
Immediate measures have been initiated to handle grievances by e-Nivaran and CPGRAM platforms, which function pivotal mechanisms for grievance redressal.
“Taxpayers are now required to file applications before the assessing officer for pending refunds pertaining to their respective assessments.
This proactive approach aims to expedite the refund process, offering considerable relief to taxpayers and fostering a structured framework to bolster tax administration efficiency,” Sehgal mentioned.
Furthermore, a essential initiative has been undertaken to expedite the processing of purposes for Nil/Lower TDS or TCS Certificates underneath Section 195/197/206C, with a dedication to resolving them inside a month of receipt from April 1, 2024. This streamlined process empowers taxpayers to higher handle their money flows and navigate the tax submitting course of with ease.
The plan additionally prioritises the decision of audit objections, aiming to settle 50 per cent of main and 75 per cent of minor inner in addition to income audit objections acquired by December 31, 2023 and plans to settle them by June 30, 2024.
This proactive stance facilitates well timed remedial actions and optimizes procedural effectivity.
“The proactive measures outlined in the action plan underscore CBDT’s commitment to revenue generation, while concurrently 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,” Sehgal mentioned.
Nangia Andersen Tax Leader Aravind Srivatsan mentioned the rules are geared toward guaranteeing targeted efforts on tax collections, dispute decision, excessive-worth instances, pending info requests, and updating tax information inside the expertise portal.
“The detailed nature of the guidelines highlights the meticulous planning undertaken by the government across various fronts. Ultimately, these directives aim to maintain business as usual, ensuring adherence to tax collection targets, thereby bolstering fiscal management and mitigating the need for additional borrowing. In essence, the objective is to safeguard tax collection,” Srivatsan mentioned.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
