The motion plan additionally stipulates timeline for approval of refunds, identification of instances the place seized property are due for launch and launch the identical by June 30, 2024.
Taxpayers at the moment are 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 embrace identification of potential instances of prosecution, whereby there may be short-payment of TDS and sooner disposal of appeals.
The motion plan additionally stipulates timeline for approval of refunds, identification of instances the place seized property 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 not less than 150 appeals by June 30.
Precedence 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 World, Companion- 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 direction of enhancing tax administration effectivity.
Instant measures have been initiated to handle grievances via e-Nivaran and CPGRAM platforms, which function pivotal mechanisms for grievance redressal.
“Taxpayers at the moment are required to file purposes earlier than the assessing officer for pending refunds pertaining to their respective assessments.
This proactive strategy goals to expedite the refund course of, providing appreciable reduction to taxpayers and fostering a structured framework to bolster tax administration effectivity,” Sehgal mentioned.
Moreover, a important initiative has been undertaken to expedite the processing of purposes for Nil/Decrease TDS or TCS Certificates underneath Part 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 inside in addition to income audit objections obtained 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 within the motion plan underscore CBDT’s dedication to income technology, whereas concurrently fostering an setting conducive to ease of compliance. This aligns with the federal government’s overarching objective of enhancing taxpayer confidence and selling a tradition of compliance,” Sehgal mentioned.
Nangia Andersen Tax Chief Aravind Srivatsan mentioned the rules are aimed toward making certain targeted efforts on tax collections, dispute decision, high-value instances, pending data requests, and updating tax information inside the know-how portal.
“The detailed nature of the rules highlights the meticulous planning undertaken by the federal government throughout numerous fronts. Finally, these directives purpose to take care of enterprise as common, making certain adherence to tax assortment targets, thereby bolstering fiscal administration and mitigating the necessity for added borrowing. In essence, the target is to safeguard tax assortment,” Srivatsan mentioned.
(This story has not been edited by News18 employees and is revealed from a syndicated information company feed – PTI)
