income tax: Govt to tweak income tax law further to prevent pile-up of disputes
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Direct tax collections top revised estimates by 5%
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Tax amnesty scheme garners Rs 54,000 crore
Of the total 5.10 lakh pending tax disputes as of January 2020, the government has received declarations for 1.48 lakh cases and applications for 1.33 lakh cases.
Synopsis As things stand today, I think amongst all the schemes, this has shown the best possible results. Almost one-third of the disputes, which we set out to resolve get settled, said Central Board of Direct Taxes (CBDT) chairman PC Mody.
The government has garnered over Rs 54,000 crore against disputed tax claim of over Rs 1 lakh crore through the ‘Vivaad Se Vishwas Scheme’ (VSVS) which ended March 31, 2021, making it one of the most successful schemes of the tax department, a top official said.
Info-based assessments will help reduce harassment of taxpayers: PC Mody, CBDT chairman
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Synopsis
The provision, announced in the budget for 2021-22 on Monday, along with limiting the time to three years from six years for opening cases for re-assessment, will provide tax certainty to assessees, Mody said in a post-Budget interview.
CBDT chairman PC Mody
Assessing officers will be able to begin inquiry based on third party information from audit or agencies, rather than anonymous information, which will reduce harassment of taxpayers and lead to reduced litigation, Central Board of Direct Taxes (CBDT) chairman PC Mody told ET.