Sun, Mar 26, 2017 | updated 10:55 AM IST

CBDT issues clarifications on Direct Tax Dispute Resolution Scheme 2016

Updated: Sep 15, 2016 13:05 IST

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)

New Delhi [India], Mar 25 (ANI): The wildlife conservation worker, like most of their subjects, is an elusive person. To celebrate the outstanding contribution of these simple, hardworking, humble yet extraordinary people, ZEISS group acknowledged these talented individuals in wildlife conservation through their annual ZEISS Wildlife Conservation Awards and this year on March 24th, 2017 at Indian Habitat Centre, New Delhi.

Full Story >>

New Delhi [India], Mar 25 (ANI): Vestas Wind Systems, the world's leading wind power solutions provider, today inaugurated a state-of-the-art wind turbine blade manufacturing unit in Gujrat.

Full Story >>

New Delhi [India], Mar 25 (ANI): In yet another fun filled afternoon for fashion and sports enthusiasts, India's leading fashion e-tailer, Jabong, hosted a launch event with the legendary Indian Cricket all-rounder Yuvraj Singh unveiling his sports lifestyle brand YWC on the portal.

Full Story >>

New Delhi [India], Mar 25 (ANI): To bridge the huge infrastructure gap, India will need much more participation from the private sector and for these conventional modes of healthcare funding will need to be aided by innovative modes funding to improve healthcare investments in India, reveals a NATHEALTH-PwC Report which was released here today at NATEv2017, an annual seminar organized by the Healthcare Federation of India (NATHEALTH).

Full Story >>

New Delhi [India], Mar 25 (ANI): Oxigen Services, India's largest payment solutions provider, today signed a Memorandum of Understanding with the Department of Tourism, Arunachal Pradesh for becoming the preferred partner for providing digital payment solution to the residents and tourists visiting the state.

Full Story >>

New Delhi [India], Mar 25 (ANI): Union Finance Minister Arun Jaitley on Saturday approved the re-organization of the field formations of the Central Board of Excise and Customs (CBEC) for the implementation of Goods and Services Tax (GST).

Full Story >>

New Delhi [India], Mar 25 (ANI): India and World Bank on Saturday signed a financing agreement for IDA credit of USD 100 (equivalent) for the "Uttarakhand Health Systems Development Project".

Full Story >>

New Delhi [India], Mar 25 (ANI-NewsVoir): Shardul Amarchand Mangaldas and Co. (SAM & Co) acted as the legal advisor to Coal India Limited and its subsidiaries, in the matter involving imposition of a fine on CCI of INR 1773. The Competition Appellate Tribunal (COMPAT) had set aside the order of the CCI imposing a fine on CIL, as well as two related orders and has remitted the matters back to the CCI for fresh consideration.

Full Story >>

New Delhi [India], Mar. 25 (ANI): The Securities and Exchange Board of India (SEBI) has barred 13 companies, including RIL, from dealing in equity derivatives in the Futures and Options (F&O) segment of stock exchanges, directly or indirectly, for a period of one year.

Full Story >>

New Delhi [India], Mar. 25 (ANI): Arundhati Bhattacharya, Chairman, State Bank of India (SBI) has been ranked 26th in the fourth edition of Fortune's 'World 50 Greatest Leaders' list.

Full Story >>

Kantar Millward Brown Media Conclave 2017

Updated: Mar 24, 2017 18:27 IST

New Delhi [India], Mar 24 (ANI-BusinessWireIndia): WPP -Kantar's brand, communications and media research unit Kantar Millward Brown conducted its annual Media Conclave 2017 in Mumbai. This year's Media Conclave focused on the impact of various media Ad Formats on campaign performances. The conclave played host to some of the country's top most Marketing, Media and Media Insights leads.

Full Story >>

New Delhi [India], Mar 24 (ANI): International Monetary Fund (IMF) which has 189 countries as member for Global Monetery co-operation in its conference called the Indian Government to share the success story of Demonetisation.

Full Story >>

New Delhi [India], Mar 24 (ANI-NewsVoir): It has been 24 hours since Layla last had cocaine. Now on a flight to New Delhi with her children, all she can focus on is how quickly she can hook up with her friend and drug baron Leonardo so he can provide her with her next fix unaware of the intergenerational damage her choices will cause.

Full Story >>

New Delhi [India], Mar 24 (ANI): With the immense success of the first edition of India Expo Shop Summit, The Indian Exhibitions, Conferences and Events Services Association (IESA), an apex organization working towards the development of the exhibitions, conferences and events services sector in India, in collaboration with key industry bodies, government organizations including Department of Commerce, Ministry of Commerce and Industry, Government of India, Confederation of Indian Industry (CII), and Services Export Promotion Council (SEPC), is organizing the second edition of the India Expo Summit 2017 (IES 2017) at India Expo Centre and Mart, in Greater Noida, Uttar Pradesh on 17th April 2017.

Full Story >>

New Delhi [India], Mar 24 (ANI): Online connecting portal for women looking to restart their careers JobsForHer marks the end of its successful two years and the beginning of its buoyant third year operations this month.

Full Story >>

New Delhi [India], Mar 24 (ANI): In ICRA's view, the demand for fertilizers in H1 FY2018 will witness moderate growth, given the lower base for H1 FY2017 and improved spending power of the farmer community with higher MSPs for rabi crops and strong sowing witnessed during the season.

Full Story >>

New Delhi [India], Mar 24 (ANI-NewsVoir): Marking its presence in Gujarat, All India Rubber Industries Association (AIRIA), the august body of Rs. 85,000 crore rubber industries in India has opened its Gujarat chapter in Ahmedabad. As representative body of over 5,000 rubber products manufacturers in the country (largely MSMEs), AIRIA already has offices in Mumbai, Delhi, Chennai and Kolkata with a chapter office in Pune.

Full Story >>

Will make Goa beggar-free state: Parrikar

Updated: Mar 24, 2017 15:23 IST

New Delhi [India], Mar 24 (ANI): Chief Minister Manohar Parrikar on Friday emphasized on making Goa the first ever beggar-free state.

Full Story >>

New Delhi [India], Mar 24 (ANI): With the announcement of Rs. 978.84 crore for the social sector, Chief Minister Manohar Parrikar on Friday said that Goa will be made a garbage free state by 2020.

Full Story >>

New Delhi [India], Mar 24 (ANI-BusinessWireIndia): Tata Capital, the financial services arm of the Tata Group, today, announced the launch of 'myLoan' - a first-of-its kind Mobile App by the company to extend its existing personal loan offering to the emerging younger and mobile savvy audience.

Full Story >>