In a significant update, the Central Board of Direct Taxes (CBDT) has released a new Office Memorandum clarifying the procedure for handling tax-related information under the Risk Management Strategy (RMS).
The move aims to streamline tax assessments and investigations related to cases of income escapement under Section 147 of the Income-tax Act, 1961.
As per the latest directive, information arising out of search and survey cases is not required to be uploaded on CRIU/VRU functionalities, as these do not necessitate RMS execution. Instead, such cases should be directly referred to the Jurisdictional Assessing Officer (JAO) for further action.
Key Highlights of the New Guidelines
Amendments in the Finance (No. 2) Act, 2024
Sections 148, 149, 151, and 152 have been modified, impacting search and survey cases conducted between April 1, 2021, and September 1, 2024.
Exclusion from CRIU/VRU Upload
Cases where searches under Section 132 or surveys under Section 133A have been conducted will now bypass the CRIU/VRU functionality.
Deadline for Compliance
All field officers are required to send relevant information directly to the JAO by March 10, 2025, ensuring timely assessment.
Enhanced Accountability
Supervisory authorities must oversee the timely execution of this directive.
Office Memorandum Details
Date: 27/02/2025
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