Pending Income Tax Case Alert: If you have any pending tax matter, then today is the last chance to apply for its settlement. The Central Board of Direct Taxes (CBDT) has issued an order a few days ago, directing the tax authorities to accept the pending tax settlement application by today 30 September. In the financial year 2021-22 budget, the provisions of the Income Tax Act 1961 were amended through the Finance Act and under this, the functioning of the Income Tax Settlement Commission (ITSC) was stopped from 1 February 2021. Apart from this, a provision was also made in the budget of the current financial year that on or after February 1, 2021, no application can be filed for settlement of pending cases of tax. Finance Bill 2021 was introduced in the Lok Sabha on the same day i.e. on February 1.
JhunJhunwala Portfolio: This stock of Rakesh Jhunjhunwala’s portfolio is showing strength, 60 percent jump in 6 months
The problem of taxpayers increased due to the closure of the Settlement Commission
Through the amended provisions, the Settlement Commission was closed from February 1, but before that, the Central Government had constituted an interim board to settle the pending tax settlement applications, which had been filed till January 31, 2021. Subsequently, the Finance Minister had received requests from several taxpayers that he was in the final stages of filing settlement applications before the ITSC on February 1. In such a situation, some taxpayers were eligible to file the application till 31 January 2021 but could not file it due to the closure of ITSC on 1 February.
Got time till 30 September to give relief
To give relief to such taxpayers, the Income Tax Department decided earlier this month that they can file an application with the Interim Board by 30 September 2021. The CBDT had issued an order on September 28, authorizing the Income Tax authorities to accept these applications. According to the order of CBDT, only those taxpayers are eligible under this who were eligible to apply for settlement on 31 January 2021. Income tax officers have been instructed to treat such applications as valid.
Get Business News ,, latest India News ,, and other breaking news on share market, investment scheme and much more on Business Khabar. Like us on Facebook, Follow us on Twitter for latest financial news and share market updates.
.