Income Tax Department To Accept Pending Settlement Cases Till September 30

Central Board of Direct Taxes (CBDT) has directed the income tax department to accept all pending tax settlement cases applications till September 30, 2021..In an order dated September 28, CBDT directed the Commissioner Income Tax to admit all such pending applications to settle the cases..Taxpayers will now be able to file their applications before the interim board till September 30..Through an amendment in the Finance Act via the Union Budget of 2021-22, the Income Tax Act 1961 was amended, which led to ceasing of operations of the Income Tax Settlement Commission (ITSC) from February 1, 2021 onwards..It was also directed that no applications for dues settlement could be filed on or after February 1, 2021. Therefore to settle all such applications which were pending as on January 31, 2021, the government had set up the Interim Board for Settlement (IBS)..However after receiving numerous applications and representations from taxpayers from across the country, mainly from those who were at advanced stages of filing their settlement applications but could not do so due to cessation of ITSC, CBDT has given extension till September 30, 2021 to file their applications before the interim board..The relief to such tax payers has been however given on the condition that they were eligible to file applications for settlement of their dues on January 31, 2021 and that all their required proceedings are pending as on the date of filing for the same.

Income Tax Department To Accept Pending Settlement Cases Till September 30

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