The Income Tax Department has revealed its interim action plan for the fiscal year 2024-25, aiming to streamline tax processes and expedite refunds and appeals.
The plan, announced by the Central Board of Direct Taxes (CBDT), targets areas like identifying cases of TDS short-payment and speeding up appeals processing.
One key aspect of the plan is setting deadlines for refund approvals, asset release, and compounding proposals. It also highlights the need to identify cases where seized assets are due for release, with a deadline of June 30, 2024, for their release.
Report links H&M and Zara to deforestation, corruption in Brazil
An important aspect of the plan is prioritising appeals filed before and after April 1, 2020. The plan directs the resolution of at least 150 appeals by June 30, along with finalising pending compounding proposals as of March 31, 2024.
Sandeep Sehgal, Tax Partner at AKM Global, commended the CBDT's efforts to enhance tax administration efficiency through the 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 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," said Sehgal as quoted by PTI.
Sehgal highlighted the proactive approach of taxpayers filing applications before the assessing officer for pending refunds, aiming to expedite the refund process and offer relief to taxpayers.
The plan also aims to expedite the resolution of Nil/Lower TDS or TCS Certificates applications within a month from April 1, 2024, benefiting taxpayers' cash flows. Additionally, it prioritises resolving audit objections, targeting settlement of major and minor objections by June 30, 2024.
Sehgal praised the proactive measures for revenue generation and compliance culture, stating that they align with the government's goal of enhancing taxpayer confidence and promoting compliance.
Aravind Srivatsan, Tax Leader at Nangia Andersen, highlighted the plan's focus on tax collection, dispute resolution, and data updating for better fiscal management.
"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," said Srivatsan as quoted by PTI.
|
