HomeBusinessGovernment Allows Taxpayers To File Pending Cases Applications Till September 30

Government Allows Taxpayers To File Pending Cases Applications Till September 30

Government Allows Taxpayers To File Pending Cases Applications Till September 30

Government has given time until September 30 to taxpayers to file purposes for pending instances

The Finance Ministry has given time until September 30, 2021 to taxpayers for submitting purposes earlier than the Interim Board of Settlement for clearing their pending tax instances with the Income Tax Settlement Commission (ITSC) stage.

“In order to provide relief to the taxpayers who were eligible to file an application as on January 31, 2021, but could not file the same due to cessation of ITSC through Finance Act, 2021, it has been decided that applications for settlement can be filed by the taxpayers by September 30, 2021, before the Interim Board,” an announcement issued by the Finance Ministry stated.

The Finance Act, 2021 amended the provisions of the Income Tax Act, 1961, subsequent to which, the ITSC ceased to function with impact from February 1, 2021. Further, it was clarified that no utility for settlement might be filed on or after February 1, which was the date on which the Finance Bill, 2021, was laid in Lok Sabha.

The authorities had shaped the Interim Board for Settlement to dispose off all of the pending settlement purposes as on (*30*) 31, 2021. Taxpayers had been given the choice to withdraw their purposes inside a specified time restrict and to tell the assessing officer about it.

Several taxpayers, who had been within the superior phases of submitting their utility for settlement earlier than ITSC as on February 1, 2021, despatched a number of representations to the Finance Ministry, with many even taking authorized recourse in search of acceptance of their purposes.

With a number of courts giving aid to tax payers, permitting them to file their purposes even after February 1, 2021, the ministry determined to offer them time until September 30, 2021 to take action.

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