Ask A Query To Get Answers From Eminent Experts On The Income Declaration Scheme, 2016 and Direct Tax Dispute Resolution Scheme, 2016
The Finance Act, 2016 has introduced two schemes the objects of which are laudable. Under the income Declaration Scheme, any undisclosed income for any assessment year prior to AY 2017-18 may be declared except for that which is taxable under the 2015 Act. The declarant will have to pay 45% (tax @ 40% + surcharge @ 7.5% + penalty @ 7.5%) of the declared undisclosed income. There are many benefits to the declarant. Similarly there are over 3 lakh tax cases pending with the Commissioner (Appeals) where the disputed amount of tax of about Rs. 5. 5 lakh crore. In order to reduce these appeals before the first appellate authority, the “Dispute Resolution Scheme, 2016” has been introduced. Though the Govt has issued circulars from time to time, there are a number of issues which may required to be debated. We have requested eminent tax professionals to answer the queries raised by the subscribers, to which they have readily agreed. Subscribers may post their queries which will be answered by the expert panel members. The expert panel members are Shri N.M.Ranka, Sr Advocate, Dr. K. Shivaram, Sr Advocate, Shri S.R. Wadhwa, Advocate (Former Chairman, Income Tax Settlement Commission), CA Harish N. Motiwalla, CA Pradip Kapasi and CA Chetan A.Karia. All circulars and clarifications are also available at one place.
- Guide To Income Declaration Scheme, 2016 And Direct Tax Dispute Resolution Scheme, 2016
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