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News INCOME TAX

  • Sep 30, 2021
  • I-T department asks taxmen to accept applications till September 30 for settlement before Interim Board

    The Income Tax department has issued an order asking taxmen to accept till September 30, applications for settlement of pending tax cases.

    The 2021-22 Budget, through the Finance Act, amended the provisions of the Income-Tax Act, 1961 to provide that the Income-tax Settlement Commission (ITSC) shall cease to operate from February 1, 2021.

    Further, it has also been provided that no application for settlement can be filed on or after February 1, which was the date on which the Finance Bill, 2021 was laid before the Lok Sabha.