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THE DIRECT TAX DISPUTE RESOLUTION SCHEME 2016

Budget - By: - Mr. M. GOVINDARAJAN - Dated:- 7-3-2016 - Introduction The Hon ble Finance Minister, in his budget speech, said that litigation is a scourge for a tax friendly regime and creates and environment of distrust in addition to increasing the compliance cost of the tax payers and administrative cost for the department. There are about 3 lakhs tax cases pending with the first appellate authority with disputed amount being 5.5 lakh crores. In order to reduce this number he proposed a new D .....

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penalty order can also be settled by paying 25% of the minimum of the imposable penalty. The Direct Tax Resolution Scheme Clause 197 to 208 of Finance Bill, 2006 seeks to insert a new Chapter X for the purpose of Direct Tax Dispute Resolution Scheme 2016. The scheme will come into effect from 01.06.2016 and be open for declaration made up to a date to be notified by the Central Government in the Official Gazette. Definitions Before going into the provisions of this scheme the definition of two .....

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The term tax arrear is defined under Clause 198 (h) as a the amount of tax, interest or penalty determined under the Income Tax Act or the Wealth Tax Act,1957 in respect of which appeal is pending before the Commissioner or Income Tax (Appeals) or the Commissioner of Wealth Tax (Appeals) as on 29.02.2016. Non applicability of the scheme Clause 205 gives the list for which the provisions of this scheme shall not apply, as detailed below: in respect of tax arrear or specified tax- relating to an a .....

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it relates to any tax arrears; relating to an assessment year in respect of which prosecution has been instituted on or before the date of filing of declaration; relating to an undisclosed income from a source located outside India or undisclosed asset located outside India; relating to an assessment or reassessment made on the basis of information received under an agreement referred to in Section 90 or Section 90A of the Income Tax Act, if it relates to any tax arrear; to any person in respect .....

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ime for, or on the basis of, the review under Section 9(3) or on the report of the Advisory Board under Section 8, read with Section 92) of the said Act; or such order of detention, being an order to which the provisions of Section 12A of the said Act apply, has not been revoked before the expiry of the time for, or on the basis of, the first review under Section 12A(3) or on the basis of the report of the Advisory Board under Section 8 read with Section 12A(6) of the said Act; or such order of .....

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e under any of those Acts; to any person notified under Section 3 of the Special Court (Trial of Offences Relating to Transactions in Securities) Act, 1992. Declaration of tax payable Clause 199 provides for the declaration of tax payable and Clause 200 provides for the particulars to be furnished in such declaration. Clause 199 provides that where a declarant on or after 01.06.2016 but on or before a date to be notified by the Central Government, a declaration to the designated authority in res .....

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ssment or reassessment, as the case may be; penalty, 25% of minimum penalty leviable and the tax and interest payable on the total income finally determined. in case of specified tax, the amount of such tax so determined. Particulars to be furnished in the declaration Clause 200 provides the particulars to be furnished in the declaration. The declaration shall be in such form and verified in such manner as may be prescribed. If the declaration is in respect of tax arrear, appeal in respect of th .....

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th the declaration; initiated any proceeding for arbitration, conciliation or mediation or has given any notice thereof under any law for the time being in force or under any agreement entered into by India with any other country or territory outside India whether for protection of investment or otherwise, he shall withdraw such notice or the claim, if any, in such proceedings prior to making the declaration and furnish the proof thereof along with the declaration. If the declaration is in respe .....

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ceipt of the declaration, determine the amount payable by the declarant and grant a certificate in such form as may be prescribed, to the declarant setting forth therein the particulars of the tax arrear or the specified tasks, as the case may be, and the sum payable after such determination. Order of designated authority The declarant shall pay the sum determined by the designated authority within 30 days of the receipt of the certificate and intimate the fact of such payment to the designated .....

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r shall proceed to decide any issue relating to the specified tax mentioned in the declaration and in respect of which an order has been made by the designated authority or the payment of sum determined. Revival of case Clause 200 (5) provides that where any material particular furnished in the declaration is found to be false at any stage or the declarant violates any conditions of the scheme or the declarant acts in a manner which is not in accordance with the undertaking given by him shall be .....

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ver of penalty under both the Acts in respect of- Specified tax covered in the declaration; or Tax arrear covered in the declaration to the extent the penalty exceeds the amount of penalty; Waiver of interest in respect of- Specified tax covered in the declaration; or Tax arrear covered in the declaration to the extent the interest exceeds the amount of interest. Conditions Clause 203 of the Bill provides that any amount paid in pursuance of a declaration shall not be refundable under any circum .....

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