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Finance minister Nirmala Sitharaman on Tuesday urged the income tax department to assess tax returns and process tax refunds even faster and redress pending grievances of assessees as she set a new three-point governing principle for the tax department. The minister acknowledged that with use of
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FAQ :
The new governing principle for the Income Tax Department consists of three 'Rs': rapid assessment and processing of tax returns, speedy refunds, and redressal of grievances.
The first 'R' stands for assessing and processing tax returns quickly, efficiently, and systematically.
The second 'R' focuses on speedy refunds, urging the department to give even more attention to quickly disposing of refunds without any excuses for holding them back.
The third 'R' is about the redressal of grievances, ensuring that pending cases are dealt with in a timely manner or that it's communicated if they cannot be resolved or are outside the department's powers.
The minister noted that direct tax revenue collections have now matched indirect tax receipts, indicating equity in tax receipts and that direct tax collection is sustaining its momentum.
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