NEW DELHI: The Central Board of Direct Taxes (CBDT) has unveiled an interim action plan for the fiscal year 2024-25, outlining crucial areas for achieving key results within set timeframes.
The plan focuses on prompt grievance redressal by addressing e-Nivaran and Centralised Public Grievance Redress and Monitoring System (CPGRAM) concerns, alongside expediting refund approvals. It mandates resolution of at least 50% of major and 75% of minor internal and revenue audit objections received by December 31, 2023, and addressing 50% of objections from audits initiated on April 1, 2024, by June 30, 2024. All cases with seized assets awaiting release must be identified and released by June.
Potential prosecution cases resulting from surveys or previous proceedings up to FY24 need to be identified by June 30, 2024. The plan requires swift disposal of pending applications as of April 1, 2023, and new applications for Nil/lower TDS or TCS certificates under Sections 195/197/206C within a month.
The immediate action items to be completed by April 30, 2024, entail two critical steps involving release of refunds that were put on hold as per section 241A of the Income Tax Act. These refunds are typically withheld until completion of scrutiny assessments and the necessary orders have been passed. Once scrutiny assessments are finalised and orders issued, these pending refunds need approval for disbursement.
The second step is approval by junior accounts officer (JAO)/range head of pending refunds related to ITBA e-returns. This action requires approval of pending refunds for all Assessment years associated with Income Tax Business Application (ITBA) electronic returns. These refunds, pending approval, need to be processed and cleared by the designated authorities like JAO or range head within specified timeframe.
Sandeep Sehgal, Partner- Tax, AKM Global, a tax and consulting firm, states, “Taxpayers are now required to file applications before assessing officer for pending refunds pertaining to their respective assessments. This approach aims to expedite refund process, offering considerable relief to taxpayers and fostering a structured framework to bolster tax administration efficiency.”