The Central Board of Direct Taxes (CBDT) has rolled out an interim action plan for the fiscal year 2024-25, outlining various measures aimed at enhancing efficiency and effectiveness within the income tax department. Here are the key points of the plan:
- Refund Approval Timeline: The action plan sets a specific timeline for the approval of refunds, ensuring that taxpayers receive their refunds promptly. This initiative aims to streamline the refund process and improve taxpayer satisfaction.
- Release of Seized Assets: One significant aspect of the plan is the identification of cases where seized assets are due for release. The department aims to facilitate the release of these assets by June 30, 2024, providing relief to affected individuals or entities.
- Prosecution Identification: The plan emphasizes the identification of potential cases warranting prosecution, particularly those involving the short-payment of Tax Deducted at Source (TDS). By targeting such cases, the department aims to deter tax evasion and enforce compliance with tax laws.
- Faster Disposal of Appeals: Another key objective of the action plan is to expedite the disposal of appeals. By addressing appeals in a timely manner, the department seeks to reduce backlog and ensure swift resolution of tax-related disputes.
Overall, the interim action plan for FY’25 reflects the CBDT’s commitment to improving operational efficiency and enhancing tax administration. By implementing targeted measures such as refund timeline adherence, seized asset release, prosecution identification, and appeals disposal acceleration, the department aims to streamline processes, strengthen compliance, and uphold taxpayer rights.
