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Business EconomyPosted at: Sep 15 2016 6:21PM


Direct Tax Dispute Resolution Scheme 2016 till Dec 31

New Delhi, Sep 15 (UNI) In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 can be availed up to 31st December, 2016.
The scheme is available to the cases pending with the first appellate authority [i.e. CIT (A)] as on 29th February, 2016, subject to certain conditions.
The Finance Ministry has clarified that it also extends to the cases pending litigation owing to retrospective amendment at different levels.
The scheme had come into force from 1st June, 2016 and under the Scheme, if the amount of disputed tax is up to Rs10 lakh, complete waiver from levy of penalty and from initiation of prosecution is provided on payment of assessed tax along with the interest.
In case of more than Rs 10 lakh, the declarant is required to pay only 25 per cent of the minimum penalty leviable along with the due tax and interest.
In respect of penalty appeals, the declarant shall get waiver of the 75 per cent of the penalty levied and immunity from prosecution. In respect of specified tax, the declarant gets complete waiver of/immunity from levy of penalty and immunity from prosecution.
UNI ADP RSA SB 1819
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Tags: #Direct Tax Dispute Resolution Scheme 2016 till Dec 31
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