Public Notice for Adhesion to Tax Settlement: Tax debts Related to Subsidies for Investments | Mayer Brown jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
Taxpayers watching the U.S. Supreme Court for the outcome of Moore v. U.S., No. 22-800, can do more than wait. As suggested in the firm's earlier alert (see here).
The government will withdraw all outstanding income tax demands up to ₹25,000 for the period before FY10 and those up to ₹10,000 for the period between FY11 and FY14, finance minister Nirmala Sitharaman said. This move aims to reduce frivolous tax litigation and burden from the tax department. The decision will help close 11 million pending demands of income, wealth, and gift taxes, involving less than ₹3,500 crore.