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The income tax department in India has released an interim action plan for the fiscal year 2024-25, focusing on identifying cases of TDS short-payment and expediting appeals processing. The plan sets deadlines for refund approvals, asset release, and compounding proposals. It also emphasizes prioritizing appeals filed before and after April 1, 2020, with at least 150 appeals resolved by June 30.

The plan sets deadlines for refund approvals, asset release, and compounding proposals. Moreover, the identification of cases is also mentioned, where seized assets are due for release and release the same by June 30, 2024.

The option of opting out from the new tax regime is available till the filing of return for the assessment year 2024-25, the ministry has said

The interim budget’s projections for FY25 are rather modest. It expects direct tax collections to grow 13.1%, which is more or less the same as the pre-covid trend

India Business News: The tax department has seen a significant increase in the number of taxpayers, thanks to rising compliance and the use of technology. The total number