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Promoting a tax-friendly regime through a new Dispute Resolution Scheme

Budget - Dated:- 29-2-2016 - While presenting the General Budget 2016-17 in Lok Sabha today, the Union Finance Minister Shri Arun Jaitley said that litigation is a scourge for tax friendly regime and creates an environment of distrust. Litigation also leads to increasing the compliance cost of the tax payers and administrative cost for the Government. There are 3 lakh tax cases pending with the 1st Appellate Authority with disputed amount being 5.5 lakh crores. In order to reduce this number new .....

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h direct and indirect taxes. Any pending appeal against a penalty order can also be settled by paying 25% of the minimum of the imposable penalty. Certain categories of persons including those who are charged with criminal offences under specific Acts are proposed to be barred from availing this scheme. With special reference to Government s assurance of not to create retrospectively of fresh tax liability, Union Finance Minister Shri Arun Jaitley reiterated this commitment to provide a stable a .....

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