Business

Conflicting trust scheme: Disputed tax case of Rs 1 lakh crore settled, January 31 deadline

Of the nearly 500,000 organizations involved in legal cases with the government over tax-related issues, 20 per cent have voted in favor of a dispute resolution plan. It has helped resolve disputed cases worth around Tk 6,000 crore. Finance Secretary Ajay Bhushan Pandey said, ‘Out of the pending cases, 969,000 people have been in favor of settling the pending legal cases. In these cases, revenue of around Tk 63,000 crore is stuck. At the same time, more than one lakh crore rupees of tax has been settled.

Advertising

if(typeof is_mobile !=’undefined’ && is_mobile()){ googletag.cmd.push(function() { googletag.display(‘div-gpt-ad-1514643645465-2’); });}

This was announced in the budget for 2020-21

Union Finance Minister Nirmala Sitharaman, while presenting the 2020-21 budget, announced the ‘Opposition to Confidence’ project to address old legal issues related to direct taxes. Through this project, an attempt was made to withhold tax revenue of Rs 9.32 lakh crore due to 4.8 lakh appeals in various appeal forums.

if(typeof is_mobile !=’undefined’ && is_mobile()){
window._taboola = window._taboola || [];
_taboola.push({
mode: ‘thumbnails-a’,
container: ‘taboola-mid-article-thumbnails-1’,
placement: ‘Mid Article Thumbnails 1’,
target_type: ‘mix’
});
}

Deadline is January 31st

The government has extended the deadline by one month to January 31 in view of the increase in the number of applications received under the scheme and the number of applications in December. The companies or entities receiving the project will have to pay the claimed fees to them and the disputes against them will be closed and the punitive measures will be dropped. ‘

Tax demands of more than one lakh crore rupees have been settled

He said, ‘More than one lakh crore rupees of tax was settled under this project. The demand for this tax arose due to incorrect information being recorded. The companies receiving the trust scheme from the dispute will be treated as paying the arrears of tax as well as the case pending against them will be considered withdrawn and the interest, fines and penalties will also be waived. These cases are pending in the High Court and Arbitration Centers from the Income Tax Commissioner (Appeal) and the Tax Tribunal.

Show More

Related Articles

Leave a Reply

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker