look news india
The Income Tax Department has come up with an interim action plan for the financial year 2024-25. This includes identifying potential cases for prosecution such as short payment of TDS and faster disposal of appeals. The action plan also sets a timeline for approving refunds, identifies cases in which seized assets are to be released…they should be released 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. Under this, priority should be given to disposal of appeals filed before April 1, 2020 and then to appeals filed after April. 1, 2020.
AKM Global (Partner-Tax) Sandeep Sehgal said the Central Board of Direct Taxes (CBDT) released its interim action plan for the financial year 2024-25 which is an important step towards enhancing tax administration efficiency. Immediate measures have been initiated for redressal of grievances through e-redressal and CPGRAM platforms, which serve as important mechanisms for grievance redressal.
“Taxpayers will now have to file an application before the assessing officer for pending refund of their respective assessments,” he said. “This proactive approach is aimed at expediting the refund process, providing relief to taxpayers and promoting a structured framework to enhance tax administration efficiency.”