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Statutory Provisions

Home Acts & Rules Bill Bills FINANCE BILL, 2016 Chapters List Chapter X THE DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016 This

Clause 199 - Declaration of tax payable - FINANCE BILL, 2016

FINANCE BILL, 2016
Chapter X
THE DIRECT TAX DISPUTE RESOLUTION SCHEME, 2016
  • Contents

Declaration of tax payable

199. Subject to the provisions of this Scheme, where a declarant files, on or after the 1st day of June, 2016 but on or before a date to be notified by the Central Government in the Official Gazette, a declaration to the designated authority in accordance with the provisions of section 200 in respect of tax arrear, or specified tax, then, notwithstanding anything contained in the Income-tax Act or the Wealth-tax Act or any other provision of any law for the time being in force, the amount payable under this Scheme by the declarant shall be as under, namely:––

(I) in case of pending appeal related to tax arrear being––

(a) tax and interest,-

(i) in a case where the disputed tax does not exceed ten lakh rupees, the whole of the disputed tax and the interest on disputed tax till the date of assessment or reassessment, as the case may be; or

(ii) in any other case, the whole of disputed tax, twenty-five per cent. of the minimum penalty leviable and the interest on disputed tax till the date of assessment or reassessment, as the case may be;

(b) penalty, twenty-five per cent. of the minimum penalty leviable and the tax and interest payable on the total income finally determined.

(II) in case of specified tax, the amount of such tax so determined.

 



 

Notes on Clauses:

Clauses 197 to 208 of the Bill seeks to insert a new Chapter X in the Finance Bill, 2016 which deals with the Direct Tax Dispute Resolution Scheme, 2016.

The Scheme is proposed to come inforce from 1st June, 2016 and be open for declaration made up to a date to be notified by the Central Government in the Official Gazette.

The new Chapter, inter alia, provides––

(a) the definition of certain expressions relating to “declarant”, “designated authority”, “disputed income”, “disputed tax”, “disputed wealth”, “specified tax” and “tax arrear”; 

(b) the proviso relating to the declaration of tax payable under this Scheme by the declarant;

(c) the provisions relating to the particulars to be furnished in the form of declaration;

(d) the provisions relating to the time and manner of payment;

(e) the provisions relating to granting of immunity from initiation of procedings in respect of an offence and imposition of penalty in certain cases;

(f) the provisions relating to no refund of amount paid under the Scheme;

(g) the provisions relating to other benefit, concession or immunity not to apply in other proceedings;

(h) the provisions relating to non-applicability of the Tax Dispute Resolution Scheme, 2016 in certain cases;

(i) the provisions relating to the power of the Central Government to issue directions; and

(j) the provisions relating to the power to remove difficulties in giving effect to the provisions of the Direct Tax Dispute Resolution Scheme, 2016.

 
 
 
 

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