Income Tax Dept warns public against cash dealings of Rs 2 lakh or more saying that the receiver of the amount will have to cough up an equal amount as penalty.

CBDT Stipulates Tight Time Frame For AOs &CsIT(A) In Central Action Plan

The CBDT has issued a document titled the “Central Action Plan” in which time limits have been prescribed for various activities to be done by the AOs and CsIT(A) in the first quarter (April 2018 to June 2018) of FY 2018-19.

The CBDT has inter alia stipulated that disposal of assessments in at least 25 cases (20 in International Taxation cases) per Assessing Officer of limited scrutiny, set-aside assessment, reopened assessment u/s 147 and OCM scrutiny must be done by 30th June 2018.

Similar time limites are stipulated for replying to Audit Objections, TDS collection/ reconciliation, Investigation Units, International Taxation, Transfer Pricing Units and LTUs.

CIT (Appeals) have been directed to ensure disposal of pending appeals through ITBA- starting from the oldest year to the year following and so on, so as to attain a total disposal of 150 appeals of less than Rs.10 lakh per CIT (A). The time limit for this 30th June 2018.


Share This!

No comments:

Post a Comment