Quick Summary
The Central Board of Direct Taxes (CBDT) has unveiled a rigorous Central Action Plan (CAP) for the fiscal year 2024-25, targeting sectors notorious for high cash transactions that are frequently under-reported or unreported. This strategic initiative focuses on key areas including IVF clinics, luxury retailers, hotels, and medical colleges, all of which are identified as significant sources of evasion in reporting cash transactions exceeding Rs 2 lakh. Despite the mandate for PAN (Permanent A
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FAQ :
The CBDT's Central Action Plan (CAP) for 2024-25 focuses on sectors with high cash transactions, aiming to improve reporting compliance and expand the tax base.
The CBDT is targeting IVF clinics, luxury retailers, hotels, and medical colleges, identified as significant sources of evasion in reporting cash transactions.
Transactions exceeding Rs 2 lakh are required to be reported through SFT-013.
The CBDT aims to achieve 100% PAN validation for high-value transactions by March 31, 2025.
The CBDT plans to increase the number of new taxpayers by 10% this financial year, using data mining, analytics, and e-Verification to identify non-filers and discrepancies.
The CBDT is implementing a targeted strategy focusing on the top 5,000 arrear cases, which represent a significant portion of the total outstanding tax demand, to enhance collection.
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