Tax disputes: In the Budget 2024 speech, Union Finance Minister Nirmala Sitharaman unveiled the Vivad Se Vishwas Scheme to assist taxpayers in resolving their tax disputes with the income tax department. This scheme allows taxpayers to settle their outstanding tax liabilities by paying the disputed amount along with a defined percentage. By doing so, taxpayers … Read more
As the Finance Ministry undertakes a comprehensive review of the Income Tax Act, a a new survey has revealed that 94% of industry leaders surveyed unanimously agree on the need for simplification of the current income tax law in India. “Interpretation of tax law and computing taxable income and tax payable are highlighted as the … Read more
The Income Tax Department has established Dispute Resolution Committees (DRCs) in 18 principal commissionerates as part of the Electronic Dispute Resolution Scheme. The Central Board of Direct Taxes (CBDT) introduced the e-Dispute Resolution Scheme, 2022, to diminish litigation and offer support to eligible taxpayers. Under this scheme, taxpayers meeting specific criteria outlined in section 245MA … Read more