Doubts about Income Tax: Clarifications will be given by the Income Tax shortly
Posted on: 03/Aug/2016 4:18:25 PM
The Department of Income Tax has decided to release the clarifications for frequently-asked-questions.
There are 2.59 Lakh appeals yet to be responded with the Income Tax Department under The Direct Tax Dispute Resolution Scheme.
The proposed clarification system will answer the questions raised in the above appeals as well.
The Direct Tax Dispute Resolution Scheme, introduced by the Department of Direct taxation, has reached the public. It has announced that the clarifications for 30 questions raised regarding stock investors, industrial setups, and account auditors will be released shortly.
The Direct Taxation Department has prepared the clarifications and submitted the same for approval from the Ministry of Finance.It will be released during this week or next week in the Direct Taxation Department’s website.
The Direct Tax Dispute Resolution Scheme was introduced on 1st June. Under this scheme, appeals can be made to the Income Tax Commissioners seeking clarifications of the Tax issues.The scheme will be active till 31st December.
As per the statistics from the Income Tax department, 73401 appeals have been made on Tax issues of more than Rs. 10 Lakhs. 185858 appeals have been made on Tax issues less than Rs. 10 Lakhs.
The Tax payers who make their returns under this scheme can avail the benefit of solving the issues within a stipulated period.
With the ‘Self-declaration scheme for Black money’ scheme having picked up, the new system of giving clarifications for tax related questions has been introduced. The announcement about this scheme has been mentioned in the central government budget for 2016-17.
