The Central Board of Direct Taxes reported the e-Dispute Resolution scheme, 2022 to settle tax disputes. Abhishek Murali, president of, the All India Tax Payers Association (AITPA), tells you about the scheme.
What is the Requirement for the Amended Tax Dispute Resolution Policy?
The income tax laws would constantly get updated over a period of time. The former 8 years poses effective technology helps in compiling information and executing the actions with respect to the defaulting assessee. When an income tax notice was issued or an order is passed, a taxpayer had a choice other than filing an income tax appeal and fighting the case, but a big or small amount may be secure. The central government brings an assessee-friendly online dispute resolution committee.
What Class of Assessee are Qualified for the Policy?
All the taxpayers would be qualified for the Dispute Resolution Committee as per the mentioned conditions. The returned income is up to ₹ 50 lakh and the tax dispute will not be more than Rs 10 lakh. Tax on returned income has been furnished. No Prosecution Proceedings have already been executed. No investigation has been executed for the same concerned assessment year. No survey has been executed for the related assessment year.
Who are the Members of the Dispute Resolution Committee?
The committee will comprise three members i.e two retired officers from the Indian Revenue Service who rendered the post of commissioner of the income tax or higher post for 5 years. It indeed comprises of one serving officer not less than the rank of principal commissioner of the income tax and the members who have the term of 3 years.
What are the Advantages of the Dispute Resolution Committee Process?
There are some advantages that consist of a full waiver of tax penalty, immunity from prosecution proceedings, clarity in proceedings, and the assessee would settle cases and prevent the litigation held repeatedly. Indeed the advantage is available every year to the taxpayer, unlike the previous Settlement Commission which was restricted to once in a lifetime.
What is the Method to Apply to the Dispute Resolution Committee?
Post to the payment of Rs 1000 fees, a Form 34BC needs to get furnished to avail the advantage of the dispute resolution committee, as well as with a statement of points and basis. Post to scheduled hearings, full waiver and immunity would be allotted to the assessee.
