E-Paper
IT dept to send notices to settle tax claims from Sept
NEW DELHI: The income tax department will start settling the pile of over 300,000 pending tax disputes starting September.
NEW DELHI: The income tax department will start settling the pile of over 300,000 pending tax disputes starting September.
These 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 the over 300 commissioners of the income tax-appeals (the first-level appellate authority), to start sending notices to individuals and entities for resolving their cases under the one-time dispute settlement window, which was introduced in this year’s budget.
The Income Tax Dispute Resolution Scheme ,2016 will run till December 31 this year.
As per the contours of the scheme, disputes involving tax claims below ₹10 lakh, the settlement can be done by just paying the basic tax arrears without penalty and interest. For claims over ₹10 lakh, 25% of the minimum penalty will also have to be paid apart from tax and interest to settle the dispute.
“In addition to the individual notices, the tax department will soon come out with a set of FAQs, trying to answer queries sent into the department ,” sources said.
