Wednesday, June 15, 2016

Direct tax dispute resolution scheme kicks off from 1st June

To give an opportunity to the past cases, which are ongoing under the retrospective amendment, the finance minister proposed 'one time' scheme of dispute resolution for them in which subject to their agreeing to withdraw any pending case in any court or tribunal or any proceeding for arbitration, mediation, etc under BIPA, they can settle the case by paying only the tax arrears in which case liability of the interest and penalty shall be waived. This scheme shall come into force on June 1 and declarations under the scheme may be made on or before December 31.

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