EXCLUSIVE - Income Tax Return Filing: I-T Dept prepares 9 point action plan for refund, scrutiny, penalty, clamping down on TDS evasion, sharing info with CBI, ED — Check details

Income Tax Return Filing: As income tax return (ITR) filing has already begun for Financial Year 2024-2024 from April 1, the Income Tax Department has prepared an interim action plan that encompasses aspects like IT refund proecessing, tax scrutiny, penalty, tax deducted at source (TDS) evasion, etc. ZeeBiz has access to exclusive of a 9-point action plan preparted by the IT Department where the taxman has set targets for speedy grievance redressal, quicker refund processing and expediting sharing of crucial pending tax-related information with investigating agencies of the Government of India. 

Income Tax Department Action Plan: Details

Here are the details of the 9-point action plan preparted by the IT Department — 

Income tax refund: The IT department plans to finish all pending refund cases by April 30th.

Tax refund post scrutiny: In cases where tax scrutiny has been completed and income tax refund is pending, the IT refund payment till April-end.

Grievance redressal: The Income Tax Department is targetting to settle all e-redressal cases by May 5.

Sharing tax information: The taxman has plans to share relevant tax-related information with investigating agencies like Central Bureau of Investigation (CBI), Enforcement Directorate (ED), Securities and Exchange Board of India (SEBI), Serious Fraud Investigation Office (SFIO) by April 30.

Response to queries received till March 30: The department plans to respond and release information on applications received till March 31st by April 30th. 

Response to queries received after April 1: For queries received after April, the Income Tax Department has target to share information within 15 days of receiving applications. 

Levying penalty: In cases where penalty has confirmed by the Income Tax Appellate Tribunal (ITAT), processing to be completed by June 30th.

Speeding up processes: The IT Department aims to expedite international taxation, transfer pricing matters.

Non-filing of TDS: Every Income Tax Assessment Officer (AO) has been asked to identify the top 30 TDS non-filers by June 30.

Income Tax Return filing: Is th new tax regime better suited for you?

The Income Tax India had shared on X (formerly knows as Twitter) that "ITR-1, ITR-2, ITR-4 & ITR-6 are available to taxpayers on the e-filing portal from 1st April 2024 onwards and about 23,000 ITRs for AY 2024-25 already filed", and added that ITR-3, ITR-5 & ITR-7 will be made available shortly. However, with the tax filing season beginning, if the taxpayers are confused regarding choosing between the new and the old income tax regime, then here's our explainer — Income Tax Return filing: Know who should opt for new tax regime

For the first time in recent times, CBDT has enabled taxpayers to file their Income Tax Returns (ITRs) for AY 2024-25 (relevant to FY 2023-24) on the first day of the new FY (1st April onwards)!

A giant step towards ease of compliance & seamless taxpayer services!

ITR-1,… pic.twitter.com/2O2EDnv0jp

— Income Tax India (@IncomeTaxIndia) April 4, 2024

Income Tax Department sending notices to those with fraud house rent allowance (HRA) receipts?

The Central Board of Direct Taxes (CBDT) has also cleared the air regarding retrospective taxation on re-opening of cases on issues pertaining to house rent allowance (HRA) claims, calling them "completely baseless". It stated that there is no special drive to re-open retrospective tax cases, and reports alleging large-scale re-opening of pending tax cases are misplaced. Check the report in detail here —  Income Tax: Why did some taxpayers receive notice for discrepancy in house rent receipt? IT Dept explains

CBDT clarifies that apprehensions about retrospective taxation on re-opening of cases on issues pertaining to HRA claims are completely baseless.

CBDT has reiterated that there is no special drive to re-open such cases, and media reports alleging large-scale re-opening by the… pic.twitter.com/5AfOtHeK9g

— Income Tax India (@IncomeTaxIndia) April 8, 2024