Budget 2018-19

  This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1 The income tax (I-T) department on Tuesday extended the deadline for filing settlement applications for eligible taxpayers till September 30, as the income tax settlement commission (ITSC) ceased to exist from February 1 This comes amid interim relief provided by some high courts, directing acceptance of applications of settlement even after February 1. To dispose the pending settlement applications as on January 31, the central government has constituted Interim Board for Settlement. “To provide relief to the taxpayers who were eligible to file application as on January 31, but could not file the same due to cessation of ITSC vide Finance Act, 2021, it has been decided that applications for settlement can be filed by the taxpayers by September 30 before the Interim Board …,” CBDT said in a release on Tuesday. This applies to on...

  Vivad Se Vishwas scheme allows the waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020 With three weeks to go before the Vivad Se Vishwas direct tax dispute resolution scheme window closes, Finance Secretary Ajay Bhushan Pandey and the Central Board of Direct Taxes (CBDT) Chairman P C Mody pulled up tax officers for the dismal declarations, in a meeting held last week. It was argued that the declarations were ‘not even 10 per cent’ of the potential level, while the final payments made after the declarations remained ‘dismal.’ Besides, officers were urged to reach out to central public sector enterprises (CPSEs) to settle disputes under the scheme. “Tax officers were told that those displaying subpar performance would be held accountable since the scheme was being monitored by Prime Minister  Narendra Modi  and Finance Minister Nirmala Sitharaman. They were asked to hold webinars and keep the lines of communication open with ...