look news india
Income Tax Refund: A big good news has come for the taxpayers. The Income Tax Department has made a big plan regarding tax refund. Zee Business' exclusive news is that the Income Tax Department has an interim action plan to close the pending tax refund cases by April 30.
What is the plan of the Income Tax Department?
There are still many taxpayers whose tax refund of the previous assessment year is stuck. The refund process has not been done yet after filing the tax return. But the department plans to settle the remaining pending refund cases by April 30. During this time, the department will have to complete the investigation of the refund and make the refund payment in April. The department has set a target to dispose of e-redressal cases by May 5.
Processing will speed up
Apart from this, the department plans to share information with agencies like CBI, ED, SEBI, SFIO by April 30. Information about applications received by 31 March should be given by 30 April. After this, information on applications received after April 1 will have to be shared within 15 days. In cases where the penalty has been confirmed by ITAT, action will be taken till June 30.
The aim is also to accelerate international taxation and transfer pricing matters. Each AO (Assessing Officer) will identify the top 30 TDS non-filers by June 30.