Rs 5 cr income tax demand towards corporate sector pending: IT Settlement Commission
Updated: May 24, 2014 12:33:25pm
New Delhi, May 23 (KNN) About Rs 5 lakh crore income tax demand of the government towards the corporate sector is pending in various tax disputes, said Income Tax Settlement Commission adding that the tax payers should disclose their full and true amount of corporate earnings.
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, according to Chairman of Income Tax Settlement Commission, A P Saxena.
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 Saxena while addressing a Seminar on “Tax Payers Practical Difficulties and Role of Settlement Commission” held here yesterday 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 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.
Member of Income Tax Settlement Commission, M Sailo 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 redressal of their income tax grievance through the Settlement Commission within a stipulated time period of 18 months. (KNN/SD)
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, according to Chairman of Income Tax Settlement Commission, A P Saxena.
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 Saxena while addressing a Seminar on “Tax Payers Practical Difficulties and Role of Settlement Commission” held here yesterday 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 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.
Member of Income Tax Settlement Commission, M Sailo 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 redressal of their income tax grievance through the Settlement Commission within a stipulated time period of 18 months. (KNN/SD)
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