New norms for retro tax dispute settlement


NEW DELHI :

The Central Board of Direct Taxes (CBDT) on Thursday notified extra guidelines for settling the controversial retrospective tax disputes to enhance the foundations introduced out earlier this month.

The Relaxation of validation (part 119 of the Finance Act 2012) guidelines 2021 introduced out by the Central Board of Direct Taxes on Thursday seeks to increase the circumstances, type and method of settling retrospective tax circumstances notified earlier this month to these circumstances the place the tax demand was validated underneath a particular provision.

This is prone to help Vodafone Plc. to file for settlement on condition that part 119 of the Finance Act 2012 was utilized in its case to validate the tax demand. In sure different circumstances, the tax demand was raised underneath part 9 of the Income Tax Act. The circumstances for settlement are the identical for all of the 17 retrospective tax disputes. The first set of ultimate guidelines for settlement had been introduced out on 2 October after a public session. These guidelines elaborate on the circumstances for settlement added to the Income Tax Act earlier this 12 months by means of an modification.

The guidelines clarify the way by which companies have to fulfill the circumstances specified within the Income Tax Act. An e mail despatched to Vodafone Plc. on Thursday searching for feedback remained unanswered on the time of publishing.

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