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In response to a longstanding request from Haryana’s traders and business community to resolve pre-GST tax liabilities, Chief Minister Manohar Lal Khattar officially announced the One Time Settlement-2023 (OTS) Scheme on Sunday. Commencing from January 1, 2024, to March 30, 2024, the scheme offers businesses the opportunity to settle their pre-GST tax liabilities. The OTS-2023 […]
The industries were on the verge to broke as they were sincerely pleading for the reduction in the tax amount of direct taxes at par with the indirect tax rate cut from the previous budget. The union finance minister Sitharaman met the industry representatives in order to convince them to deposit their due taxes on […]
In Bihar, the state government incorporated a ‘one-time settlement‘ initiative for the advantage of traders with tax obligations back to the time when the GST was about to launch. The Bihar Tax Disputes Settlement Bill, 2024 was tabled in the state assembly through Deputy Chief Minister Samrat Chaudhary, who also carries the finance portfolio. In […]
In the scrutiny of a loan transaction between two entities, where the borrower’s liability decreased in the accounts by the amount paid to settle the assessee’s obligation, the Madras High Court determined that this transaction seems to comply with the law. The court explicitly stated that the penalty under Section 271E of the Income Tax […]
A bill has been introduced by the Indian government highlighting details about the Direct Tax dispute settlement scheme. Known as The Direct Tax ‘Vivad se Vishwas Bill, 2020’ for dispute resolution to direct taxes, it proposes the idea of levying less or discounted payment from a taxpayer, if he/she settles all disputes before the end […]
The Telangana government has started the Telangana State One-Time Settlement Scheme 2022 to relieve the locked-up revenue. According to the Commissioner of Commercial Taxes, Telangana, Hyderabad, there would be an arrear amount of nearly Rs 3000 cr due in several stages of litigation, and the amount is not able to recover. The state government has […]
In response to several representations received by The Central Board of Direct Taxes (CBDT) for seeking clarification on the ‘search case’ mentioned in the Vivad Se Vishwas Act 2020, CBDT has examined the aforesaid provision and issued proper clarifications on the same. As per CBDT, search case includes within its purview either assessment or reassessment […]
The practitioners of the income tax have urged that the budget proposal to scrap the income tax Settlement Commission (ITSC) is providing the one-time life opportunity to the worried assessee. Despite the council expecting the move will ease the tax administration, ease in compliance, and cut the litigation, tax experts availed any noncompliance consisting of […]
Due to the COVID-19 pandemic, last dates for various return filing and other government work has been stretched, and in the same line-up, the recent update states that the “Bihar Settlement of Taxation Disputes Act, 2019” has been also extended for three months. The Notification was released on 13th April 2020 by the Governor of […]
