The Income Tax department has set new rules and action plans for FY 24-25 with a focus on things like short payment of TDS, accelerating appeals, and refund approvals among few. Also designated as the interim action plan, this is a node to act upon the immediate items. This new Income Tax Interim rule is explained well in this article.
The Income Tax department plans on setting deadlines for releasing assets, approving refunds, and identifying cases where the seized assets need to be released to help release them by 30th June. The plan also details the focus on settling the pending compounding proposals.
Also read: TDS on Sale of Property by NRI in India [New Rates for 2024]
The Central Board of Direct Taxes (CBDT) is also planning to enhance tax administration efficiency and address grievances via platforms like E-Nivaran and CPGRAM. They are also planning to fasten the procedure for Lower TDS or TDS certificate applications and provide users with an amicable solution within a month of receipt of the application. Another major change that will be built upon is resolving audit objections and mirroring CBDT’s core focus on simplifying tax compliance to increase revenue. The new Income Tax interim rule from the IT Department will help them focus on tax collection, dispute resolution, and updating of data for better fiscal management.
Also read: Getting ITR Notice as NRI/OCI? Here’s what you need to know
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