If anyone has any issue regarding pending tax, then an application can be made to the Interim Board of Income Tax by 30 September to resolve it.
New Delhi. On Tuesday, the Finance Ministry has given a big relief regarding the pending tax case. The Finance Ministry has said that if anyone has a case regarding pending tax, then an application can be made to the Interim Board of Income Tax by 30 September to resolve it. For settlement of pending tax cases at the level of Income Tax Settlement Commission (ITSC), you can apply to the Interim Settlement Board by 30 September.
Relief to Taxpayers: Steps should be taken to provide relief to taxpayers who are eligible to apply as on January 31, 2021 but could not apply due to abolition of ITSC under the Finance Act, 2021, the Ministry said in a statement. Used to be. Under this, it has been decided that settlement applications can be submitted to the Interim Board till September 30, 2021.
The provisions of the Income Tax Act, 1961 have been amended under the Finance Act, 2021. Under this, a provision was made that ITSC would stop functioning from February 1, 2021. Apart from this, it has also been provided that no application for settlement can be filed on or after February 1. The Finance Bill, 2021 was placed before the Lok Sabha on February 1.
Interim Board to be disposed off The government had constituted an interim board for the disposal of pending applications till January 31, 2021. In pending cases, taxpayers have the option to withdraw their applications within the specified time and inform the same to the Assessing Officer.
According to the ministry, thereafter, several applications were received by the ministry that as on February 1, many taxpayers had gone ahead in filing their applications with the ITSC for disposal of cases. In addition, some taxpayers have moved the High Court requesting that their applications for settlement be accepted. In some cases, the High Court has granted interim relief and directed to accept the disposal applications even after February 1, 2021.
