Business families like the Godrej group are increasingly realising that an amicable settlement is better. Else, the wealth of all shareholders gets destroyed.
Income tax demand waiver: The Central Board of Direct Taxes (CBDT) has stated in a circular dated February 13, 2024 that the tax department would waive off all eligible tax demands up to an aggregate limit of Rs 1 lakh per taxpayer. Experts opine that if the tax dept waives off both tax demand and interest on such demand, the quantum of demand waived can be much more than Rs 1 lakh.
ince there is no settlement commission in GST, both taxpayers and the revenue department would have to slug it out in the courts, where it’s unlikely to be resolved at the lower levels as substantial monies are at stake.
There are multiple reasons as to why an international online transaction on an e-commerce or other websites could fail if an Indian debit or credit card was used for executing such a transaction. However if the money was deducted for such a transaction although the website showed it as failed, do not worry, it will be refunded back automatically by the bank.