Retrospective Tax Disputes Settlement rules notified by CBDT

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Team Studycafe | Oct 16, 2021 | Views 300934

Retrospective Tax Disputes Settlement rules notified by CBDT

Retrospective Tax Disputes Settlement rules notified by CBDT

The Central Board of Direct Taxes (CBDT) has issued the Relaxation of Validation (Section 119 of the Finance Act, 2012) Rules, 2021, in order to resolve the contentious retrospective tax disputes.

The Relaxation of Validation (section 119 of the Finance Act 2012) regulations 2021 aim to expand the circumstances, form, and manner of settling retrospective tax cases that were announced earlier this month to cases where the tax demand was validated under a specific provision.

“The form and manner of furnishing undertaking under Explanation to the fifth and sixth proviso to Explanation 5 to clause (i) of sub-section (1) of section 9 of the Income Tax Act, 1961 (43 of 1961), as prescribed under sub-rule (1) and sub-rule (3) of rule 11UE and rule 11UF of the Income Tax Rules, 1962, shall mutatis mutandis apply to clauses (i), (ii) and (iii) of the first proviso to section 119 of the Finance Act, 2012,” the notification said.

“The conditions prescribed under sub-rule (2) of rule 11UE of the Income Tax Rules, 1962, for the purposes of clause (iv) of the Explanation to the fifth and sixth provisos to Explanation 5 to clause I of sub-section (1) of section 9 of the Income Tax Act, 1961 (43 of 1961), shall mutatis mutandis apply to clause (iv) of the first proviso to section 119 of the Finance Act,” the notification added.

The government has issued a new set of guidelines to help resolve the retrospective tax dispute with Vodafone Plc, the British telecom giant.

To Read Official Notification Download PDF Given Below :

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