March 2017 Current Affairs
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CBDT extends deadline of Direct Tax Dispute Resolution Scheme

CBDT extends deadline of Direct Tax Dispute Resolution Scheme
31 December 2016 Current Affairs: The Central Board of Direct Taxes (CBDT) has extended the last date for availing the Direct Tax Dispute Resolution Scheme to January 31, 2017 from the earlier deadline of December 31, 2016. This extension aims to give companies one more month to accept its offer to settle retro tax disputes with Government. It comes against the backdrop of tepid response from companies to the scheme.

Direct Tax Dispute Resolution Scheme :  The scheme was announced by Finance Minister Arun Jaitley in the 2016-17 Budget and came into force on June 1, 2016.

It provides for waiving interest and penalties if the principal amount involved in retrospective tax cases is paid. It aims at releasing about Rs. 5.16 lakh crore, which is locked in about 2.6 lakh pending direct tax cases. 

Under it, a disputed tax amount of up to Rs 10 lakh and the penalty will be forgone. However, in cases where the disputed tax amount is above Rs 10 lakh, a penalty of 25% will be levied. It waives of the interest and penalty for retrospective tax cases only if the company in question withdraws all appeals against the government at all judicial forums.

 Through the scheme, the government hopes to settle major retrospective tax cases facing Cairn Energy of UK and Vodafone Group. It also expects a third of the other tax disputes to be settled.

 


March 2017 Current affairs
29 MAR
NEWS
28 MAR
NEWS
27 MAR
NEWS
25 MAR
NEWS
24 MAR
NEWS
23 MAR
NEWS

February 2017 Current affairs
28 FEB
NEWS
27 FEB
NEWS
25 FEB
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24 FEB
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23 FEB
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22 FEB
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January 2017 Current affairs
31 JAN
NEWS
30 JAN
NEWS
28 JAN
NEWS
27 JAN
NEWS
25 JAN
NEWS
24 JAN
NEWS

December 2016 Current affairs
31 DEC
NEWS
30 DEC
NEWS
29 DEC
NEWS
28 DEC
NEWS
27 DEC
NEWS
26 DEC
NEWS

November 2016 Current affairs
30 NOV
NEWS
29 NOV
NEWS
28 NOV
NEWS
26 NOV
NEWS
25 NOV
NEWS
24 NOV
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