Income Tax Budget may introduce Tax Dispute Settlement Scheme
Central Government is planning to introduce Tax Dispute Settlement Scheme. The motive of this scheme would be, that this scheme will allow companies to put an end to legacy tax disputes by paying a portion of the money demanded by the revenue department. Thus this will be a win win situation for both tax payer and tax department.
An estimated 500,000 cases have been pending in the courts and quasi-judicial forums for years and it could take a long while before the tax department sees any of the money, assuming it eventually wins. The total value of these disputes is pegged at ₹7-8 lakh crore, said the people. This Scheme is in line with Sabka Vikas scheme where the government could ask companies to pay part of the disputed amount along with interest and penalties levied on that.
The government should come out with this scheme where companies could settle the disputes by paying, say 10-20% of the tax demand. There are several companies that would like to avail this scheme.
Source : The Economic Times
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Tags : Budget 2020, Income Tax, News
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