Income Tax News: For the 2024–2025 fiscal year, the Income Tax Department has created an interim action plan. This includes locating possible prosecution targets, including underpayment of TDS, and expediting the processing of appeals. The action plan also outlines the conditions under which refunds must be authorised and the date on which confiscated assets must be released; in most cases, this date is June 30, 2024.
Resolution Targets
In addition, it stipulated that at least 150 appeals must be resolved by June 30 and that the outstanding compounding proposals must be completed by March 31, 2024. As a result, appeals filed before April 1, 2020 should be handled first, followed by appeals filed after April 1, 2020.
CBDT’s Strategic Move
According to Sandeep Sehgal of AKM Global (Partner – Tax), the Central Board of Direct Taxes (CBDT) has published its interim action plan for the fiscal year 2024–2025. This is a significant step in improving the effectiveness of tax administration. Prompt action has been taken to address issues via the CPGRAM platform and e-redressal, which are crucial channels for grievance resolution.
