Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: Central Excise rule to resale the machines to a new company :: VAT RATES :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd :: empanelment :: TAX RATES - GOODS TAXABLE @ 4% :: ACCOUNTING STANDARD :: due date for vat payment :: VAT Audit :: TDS :: articles on VAT and GST in India :: list of goods taxed at 4% :: ACCOUNTING STANDARDS :: cpt
 
 
« Indirect Tax »
 Indirect tax collections rise by 23.1 per cent in November
 Government waives service tax charged while making payments through credit card, debit card, charge card or any other payment card; waiver limited to payments up to Rs. 2,000 in a single transaction
 Clarification Regarding Filing of Offline Challans with IEPF Authority under Companies Act
 Cash deposits in Jan Dhan accounts drop after govt warning: income tax dept
 Indirect tax receipts to see small, brief hit’
 There is no tax on interest income of up to Rs3 lakh a year for senior citizens
 Chidambaram favours change in direct tax rates
  Further rationalization of revised simplified procedure for fixation of brand rates
 Kerala to accept demonetised banknotes for payment of state tax till Nov 24
 Centre-state gridlock over GST jurisdiction remains, could threaten tax rollout
 India to levy tax on investments from Cyprus from April 2017

Over 15000 Tax Disputes Involving Over 1.35 Lakhs Tax Proceedings Settled by Income Tax Settlement Commission
December, 11th 2012
Press Information Bureau 
Government of India
Ministry of Finance 
11-November-2011 14:55 IST
Over 15000 Tax Disputes Involving Over 1.35 Lakhs Tax Proceedings Settled by Income Tax Settlement Commission
The Income Tax Settlement Commission, Ministry of Finance , has settled over 15000 tax disputes involving over 1.35 lakhs tax proceedings in its life time since 1976. In 2010-11, it passed 400 orders, in which it settled income amounting to 595 Crores, which was 187% over the returned income of 206 Crores in these cases. This was stated by Shri Ramji Sinha, Chairman, Income Tax Settlement Commission here today, while inaugurating the K. N. Wanchoo Conference hall, in order to commemorate Justice Kailas Nath Wanchoo, for his role in visualising the Income Tax Settlement Commission. The inauguration took place in the presence of eminent tax payers, members of bar association, and other senior officers of the Commission . 

The Income Tax Settlement Commission is a high-level, Alternative Dispute Resolution (ADR) body for resolving protracted tax disputes. This organization was set up in 1976 on the recommendation of a high level Committee constituted by the Government under Justice K. N. Wanchoo, retired Chief Justice of Supreme Court. The Settlement Commission is mandated to resolve tax disputes by serving as a neutral mediator, by adopting consensus rather than conflict approach. Its objective is to allow non-habitual tax offenders to come clean by making disclosure before the Commission, which then passes final settlement orders within 18 months. The full amount of tax and interest is to be paid by the applicant before making the application The orders of the Commission are final and conclusive and binding for both parties, i.e. The Income Tax Department and the taxpayers. 

At present, there are 4 benches of the Commission working at New Delhi, Mumbai, Kolkata and Chennai. During the recent budget speech in 2011, the Union Finance Minister has announced setting up 3 new benches of the Income Tax Settlement Commission. 

The Commission is committed to serve its objective of dispute resolution in a time bound manner, which is in line with the National Litigation Policy of the government. 

SS/GN
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
System Testing Solution Manual Software Testing Solutions Automation Software Testing Solutions System Workflow Testing System Manual Testing

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions