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Wednesday, May 28, 2014

Income Tax Settlement Commission against its abolition after DTC enactment-Chairman

Income Tax Settlement Commission has urged the government not to scrap it from the statute after the proposed Direct Tax Code (DTC) comes into being, given its contribution to expeditiously settle the tax dispute cases within a stipulated time period as prescribed in the Income Tax Act 1961 in raising revenues for the government, says Mr. A P Saxena, Chairman, Income Tax Settlement Commission. 

The Commission has sounded a request to this effect with concerned authorities in the government since the draft DTC has no provision for continuing with the institution of Settlement Commission, added Mr. Saxena while addressing a Seminar on “Tax Payers Practical Difficulties & Role of Settlement Commission” held here today under the aegis of PHD Chamber of Commerce and Industry. 

The Chairman of the Commission attempted to seek support of industry body like PHD Chamber to impress upon the government to omit provisions of DTC that seek removal of Settlement Commission from the Income Tax Act. 

The Commission has been trying hard to settle tax disputes of India Inc. and even overseas corporate to the best of its abilities over the years to help the government earn revenue, pointed out Mr. Saxena adding that it has not been attracting many applicants to settle their tax disputes of late despite its presence across the country in four locations. 

Ms. M Sailo, Member, Income Tax Settlement Commission, who also participated in the Seminar observed that about Rs.5 lakh crore income tax demand of the government towards the corporate sector is pending in various tax disputes and urged the tax payers to disclose their full and true amount of corporate earnings and seek addresal of their income tax grievance through the Settlement Commission within a stipulated time period of 18 months.
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