Tax Dispute Resolution Scheme: Government extends deadline to January 31, 2017
The DRS which came into force on June 01, 2016, aimed on settling pending disputes with the Commissioner of Income Tax (Appeals). It covers two kinds of litigation.
Government of India on Friday said that it has extended the deadline of direct tax dispute resolution scheme (DRS) called by one month.
DRS was earlier scheduled to end on December 31, 2016.
The DRS which came into force on June 01, 2016, aimed on settling pending disputes with the Commissioner of Income Tax (Appeals). It covers two kinds of litigation.
On December 25, the Central Board of Direct Taxes (CBDT) clarified that companies facing retrospective tax demand should not oppose the constitutional validity of the retrospective amendment to income tax laws if they want to utilise the DRS.
On Tuesday, CBDT said that the taxpayers opting for the DRS will not be allowed to pay their dues in installments.
Till November 30, a total of 3,357 cases have availed the scheme having tax arrears of Rs 551 crore. Out of the total 904 orders were passed.
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