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) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
« Indirect Tax »
 CBDT notifies new I-T return forms
 Here are the key changes in tax rules to come into effect from today
 GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
 Things You Should Know Before Filing Your Income Tax Returns (ITR)
 All education loans do not get income tax benefits
 FM Arun Jaitley to focus on direct and indirect taxes
 Income Tax For Individuals – Assessment Year 2019–20
 States set separate dates to implement e-way bill
 What are direct and indirect taxes?
 Indirect transfer conundrum continues
 We expect significant changes in income tax slabs, say taxpayers

Tax-friendly govt wants to help you settle disputes
July, 14th 2016

The income tax department will start settling pending tax disputes starting September.

Over 3,00,000 tax disputes are pending at various benches of the Income Tax Appellate Tribunals (ITAT) across India, according to a finance ministry official.

To this end, the revenue department has asked all the Commissioners of Income Tax -Appeals (first-level appellate authority), to start sending notices to people and entities for resolving their cases under the one-time dispute settlement window.

Finance Minister Arun Jaitley in his budget speech had introduced the Income Tax Dispute Resolution Scheme, 2016 -- starting from June 1 to December 31.

Seen as a continuation of it’s tax-friendly approach and to help the tax department to reduce the burden of pending disputes, sources said “over 300 commissioners have been asked to send notices asking people to come forward”.

As per the contours of the scheme, disputes involving tax claims below Rs10 lakh, the settlement can be done by just paying the basic tax arrears without penalty and interest. For those over Rs 10 lakh, 25% of the minimum penalty will also have to be paid apart from tax and interest to settle the dispute.

This settlement window was envisaged keeping Cairn and Vodafone retrospective tax disputes in mind. While, these two companies are unlikely to use the scheme, a slew of other entities and individual tax payers have already approached the tax department with queries under this scheme, added sources.

“In addition to the individual notices, the tax department will soon come out with a set of FAQs, trying to answer these queries after which it expects people to start filing their cases for settlement,” sources said.

Till now, the response to this window has been lukewarm, but the finance ministry believes it will pick up pace once people start receiving notices, and the tax department issues FAQs.

The tax department has also planned to publicise the benefits of this window on the similar lines of the domestic black money disclosure window.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Reengineering Software Re-engineering Software Reverse Engineering Software Reverse Development Software Change Modulation Software Conversion Software Re-creation Software Re-development

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