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TAX DISPUTE RESOLUTION BETTER LATE THAN NEVER

Service Tax - By: - Dr. Sanjiv Agarwal - Dated:- 25-3-2016 - Union Budget 2016-17 tax proposals hinges on nine thrust areas which inter alia, include reducing litigation & providing certainty in taxation and simplification and rationalization of taxation. This applies to both, direct and indirect taxation. To clean up the tax system, Finance Bill, 2016 provides one more opportunity to direct and indirect tax defaulters to declare evaded income through a limited period compliance window. Fina .....

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h crores. In order to reduce the number of appeals, a new dispute resolution scheme is proposed, both in direct and indirect taxes. Dispute Resolution Measures in Budget Dispute resolution scheme in Income Tax Dispute resolution scheme in Central Excise and Service Tax Commitment not to resort to retrospective amendments One time dispute resolution scheme for past cases under retrospective amendment by paying only the tax arrears and interest; penalty to be waived Time limit of one year for disp .....

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tigation 13 cesses to be abolished to avoid multiplicity of taxes and associated tax cascading Rationalization of TDS provisions to ease case flow of assessees. Monetary limit for launching prosecution and arrests increased to ₹ 2 crore Dispute Resolution Schemes For the first time, Government has focused on reducing the tax litigation as well as tax disputes. For dispute resolution, dispute resolution schemes have been announced for both, direct and indirect taxes. A taxpayer who has an a .....

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he 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. Direct Tax Dispute Resolution Scheme Chapter X (Clause 197 to 208) the Finance Bill, 2016 have inserted Direct Tax Dispute Resolution Scheme, 2016. The Scheme is proposed to come in force 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. .....

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yment; the provisions relating to granting of immunity from initiation of proceedings in respect of an offence and imposition of penalty in certain cases; the provisions relating to no refund of amount paid under the Scheme; the provisions relating to other benefit, concession or immunity not to apply in other proceedings; the provisions relating to non-applicability of the Tax Dispute Resolution Scheme, 2016 in certain cases; the provisions relating to the power of the Central Government to iss .....

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