Income Tax News: The Income Tax department has announced a taxpayer-friendly action plan for the upcoming fiscal year 2024-25. This initiative aims to enhance efficiency in tax administration and make the process smoother for taxpayers.
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Faster Refunds and Grievance Redressal
- Focus on Speedy Refund Approvals: The plan prioritizes clearing pending tax refunds. Taxpayers can expect quicker turnaround times on their refund requests.
- Addressing Grievances Efficiently: The department will leverage e-Nivaran and CPGRAM platforms to ensure prompt resolution of taxpayer grievances.
Streamlined Processes and Clear Deadlines
- Swifter Resolution of Appeals: The plan sets a target of resolving at least 150 tax appeals by June 30, 2024, leading to faster closure of pending cases.
- Time-Bound Disposal of Compounding Proposals: Proposals for compounding tax offenses received before April 1, 2024, will be finalized within the stipulated timeframe.
- Faster Processing of TDS/TCS Certificates: Applications for Nil/Lower Tax Deduction at Source (TDS) or Tax Collection at Source (TCS) certificates will now be processed within a month from the date of application, improving cash flow management for taxpayers.
- Prioritization of Audit Objections: The department aims to settle a significant portion of major and minor audit objections by June 30, 2024.
Enhancing Taxpayer Confidence
This action plan reflects the Income Tax department’s commitment to improving the taxpayer experience. By streamlining processes, expediting refunds, and resolving grievances promptly, the department aims to build trust and encourage a culture of voluntary tax compliance.
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