Good news for taxpayers: There are still many taxpayers whose tax refund of the last assessment year is stuck. But the department plans to settle the remaining pending refund cases by April 30.
Income Tax Refund : A very good news has come for the taxpayers. The Income Tax Department has made a big plan regarding tax refund. Zee Business’s exclusive news is that the Income Tax Department has an interim action plan to close the pending tax refund cases by April 30.
What is the plan of Income Tax Department?
There are still many taxpayers whose tax refund of the last assessment year is stuck. After filing the tax return, the refund has not been processed yet. But the department plans to settle the remaining pending refund cases by April 30. During this time, the department will have to complete the scrutiny of the refund and make the refund payment in April. The department has set a target to settle e-redressal cases by May 5.
Will speed up processing
Apart from this, the department plans to share information with agencies like CBI, ED, SEBI, SFIO by April 30. Information on applications received till 31st March should be given by 30th April. After this, information has to be shared within 15 days on the applications received after April 1. In cases where penalty is confirmed by ITAT, processing will take place till June 30.
Also the target is to speed up the matters of international taxation and transfer pricing. Every AO (Assessment Officer) will identify the top 30 TDS non-filers by June 30.