Fri, May 26, 2017 | updated 04:49 PM IST

CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016

Updated: Sep 15, 2016 13:05 IST      
CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016

New Delhi [India], Sept.15 (ANI): Litigation is a scourge for a tax friendly regime. In order to reduce the pending litigation, the Direct Tax Dispute Resolution Scheme, 2016 (the Scheme) has come into force from June 1, 2016 and can be availed upto 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. It also extends to the cases pending litigation owing to retrospective amendment at different levels.

Under the Scheme, if the amount of disputed tax is

• Up to Rs.10 lakh, complete waiver from levy of penalty and from initiation of prosecution is provided on payment of assessed tax along with the interest.

• More than Rs.10 lakh, the declarant is required to pay only 25% 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% 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.

CBDT has received various queries from stakeholders seeking clarifications about various provisions of the Scheme. The issues raised have been examined and a set of 14 FAQs has been issued vide Circular No. 33 of 2016.

The circular inter alia provides clarifications regarding eligibility of cases for the Scheme, fate of pending penalty appeals, determination of amount payable under the Scheme, right to appeal in other years, date of withdrawal of pending appeal and time limit for intimation of payment by the declarant and issuance of certificate by the designated authority.

The full text of the circular is available on the departmental website www.incometaxindia.gov.in. (ANI)

GST Bill unanimously approved in Tripura

Updated: May 26, 2017 15:15 IST     

Agartala (Tripura) [India], May 26 (ANI): On the concluding day of the three-day session of the Tripura Assembly on Thursday, the Left-ruled state approved the Goods and Services Tax (GST) Bill unanimously by voice vote.

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Sensex surpasses 31,000 mark, shoots by 255.17 points

Updated: May 26, 2017 14:54 IST     

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New Delhi [India], May 26 (ANI): The most economically developed states are not adequately adding to skill sets, which may result in severe shortages of skilled manpower in the coming years, according to an ASSOCHAM-Thought Arbitrage Paper.

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FICCI to set up StudyinIndia pavilion at NAFSA 2017

Updated: May 26, 2017 13:20 IST     

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Atal Pension Yojana registers 53 lakh subscribers

Updated: May 26, 2017 12:36 IST     

New Delhi [India], May 26 (ANI): The subscriber base under the Atal Pension Yojana (APY) reached approximately 53 Lakhs. At present, 235 banks and the Postal Department are involved with the implementation of the scheme. Besides the branches of the banks and CBS-enabled offices of India Post, quite a few banks are sourcing subscribers through their internet banking portals in a paperless environment.

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New Delhi [India], May 26 (ANI): The Central Board of Direct Taxes (CBDT) on Friday issued a clarification on furnishing statements of financial transactions.

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New Delhi [India], May 26 (ANI): The market on Friday witnessed a surge in its trade with the Sensex and Nifty hitting an all time high of 30,862.63 and 9,534.75 respectively.

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New Delhi [India], May 26 (ANI-BusinessWire India): ITC Limited has won the prestigious Porter Prize 2017 award for 'Excellence in Corporate Governance and Integration' and for its exemplary contribution in 'Creating Shared Value'.

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nexGTv now available on Amazon's Fire TV Stick

Updated: May 26, 2017 08:10 IST     

New Delhi [India], May 26 (ANI): nexGTv, a subscription-led video entertainment app on Thursday made its big-screen debut with its launch on Fire TV Stick, a digital streaming device from Amazon, and is now available on Amazon India.

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New Delhi [India], May 25 (ANI-NewsVoir): Rakesh Kapur, Joint Managing Director, Indian Farmers Fertiliser Cooperative Limited (IFFCO), has been elected as the Chairman of the International Fertilizer Association (IFA) at the recent IFA's Annual Conference held from May 22nd - 24th in Marrakech, Morocco in which 1400 participants were present.

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New Delhi [India], May 25 (ANI-NewsVoir): Unveiled at its Insights 2017 customer conference, Epicor Software Corporation, a global provider of industry-specific enterprise software to promote business growth, has introduced the latest version of Epicor ERP, the global enterprise resource planning solution in use today by thousands of customers in 150 countries worldwide.

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New Delhi [India], May 25 (ANI): Credit rating agency ICRA expects Indian GDP and gross value added (GVA) at basic prices to expand by 7.1 percent and 6.9 percent, respectively, in year-on-year (YoY) terms in Q4 FY2017.

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New Delhi [India], May 25 (ANI): Alibaba Mobile Business Group on Thursday announced appointment of Young Li as Head of International Business Department.

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New Delhi [India], May 25 (ANI): JobsForHer (JFH), an online connecting portal that enables women on a professional break to restart their careers and achieve their full potential, announces the launch of its second roadshow.

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Aye Finance raises USD 8 mn from Blue Orchard

Updated: May 25, 2017 13:09 IST     

New Delhi [India], May 25 (ANI): Non-banking finance company (NBFC) committed to transforming micro and small enterprise financing in India Aye Finance has announced raising USD eight million from Blue Orchard, a leading global impact investment manager.

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New Delhi [India], May 25 (ANI-BusinessWireIndia): International Career and College Counseling (IC3) Conference has announced the second edition of the Annual Conference, that will be held in New Delhi on August 30 and 31 2017 at JW Marriott, Aerocity.

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Chennai, (Tamil Nadu), [India], May 25 (ANI-NewsVoir): MindHour, one of the fastest growing Edu-tech startup based out of Kolkata takes a step ahead and excited to launch its exclusive products in Tamil Nadu to touch the lives of school going children of class 6-10, ICSE and CBSE boards.

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Taxmann recognised as GST Suvidha Provider by Govt. of India

Updated: May 25, 2017 10:40 IST     

New Delhi [India], May 25 (ANI): Leading publisher of tax and corporate laws in India Taxmann.com has announced its recognition as the Goods and Services Tax Suvidha Provider (GSP) by the Government of India.

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New Delhi [India], May 25 (ANI-NewsVoir): Shardul Amarchand Mangaldas announced today that Shuva Mandal, National Practice Head of Corporate, M&A and Private Equity at SAM & Co., will be joining the USD 100b TATA Group as its Group General Counsel. He will be part of N. Chandrasekaran's special team that will assist in transforming the TATA Group.

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