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What You Need to Know About the Dispute Resolution Scheme Provisions in Section 245MA(3)

In a move to simplify and expedite the resolution of tax disputes, the Central Government has been empowered to create a Dispute Resolution Scheme under Section 245MA(3) of the Income Tax Act, 1961. This provision allows the government to

Post-DRC Assessment Process: What Taxpayers Need to Know Complete Guide

The Dispute Resolution Committee (DRC) is a vital mechanism for resolving tax disputes under the Income Tax Act. Its role goes beyond just offering a platform for taxpayers to resolve their disputes with the tax authorities. Under Section 245MA(2A),

Everything You Need to Know About Penalty Reduction and Immunity in Tax Dispute

The Dispute Resolution Committee (DRC) plays a crucial role in resolving tax disputes between taxpayers and tax authorities. One of the key aspects of the DRC's authority is its power to reduce or waive penalties and grant immunity from

What is the Purpose of Constituting One or More Dispute Resolution Committees Under Section 245MA(1)?

The Indian tax system aims to provide an effective, transparent, and fair dispute resolution process for taxpayers. To address this need, Section 245MA(1) of the Income Tax Act, 1961, empowers the Central Government to constitute one or more Dispute

A Balanced Approach to Tax Penalties Under the Income Tax Act:- Complete Guide

The Income Tax Act, 1961, balances the imposition of penalties with principles of fairness to protect taxpayer rights while safeguarding government revenue. Penalties are a crucial tool to deter non-compliance and promote accountability, but their application requires judicial scrutiny

Important Case Laws Defining Penalties Under Income Tax Act

The Income Tax Act, 1961, has a robust framework for penalties and prosecutions to ensure compliance and deter tax evasion. Over the years, several landmark judicial decisions have shaped the interpretation and application of these provisions. Below, we explore

Section 271AAD Explained: New Rules for False Entries in Accounts

The Finance Act, 2023, introduced significant amendments to Section 271AAD of the Income Tax Act, which deals with penalties for false or omitted entries in books of accounts. These changes aim to deter fraudulent practices and ensure the integrity

How to Avoid Penalties for Under-Reporting or Misreporting Income

Section 270A of the Income Tax Act, 1961, provides for the imposition of penalties on taxpayers who under-report or misreport their income. This provision aims to promote transparency and discourage deliberate errors or omissions in income reporting. Below is

How to Avoid Penalties Under Section 272A for Non-Compliance

Section 272A of the Income Tax Act, 1961, prescribes penalties for failure to comply with various statutory obligations, such as responding to notices, summons, or furnishing information as required under the Act. This provision aims to enforce compliance and

Section 271C: Penalties for Failing to Fulfill TDS/TCS Responsibilities

Section 271C of the Income Tax Act, 1961, provides for penalties in cases where a person responsible for deducting or collecting tax at source (TDS/TCS) fails to do so. This provision ensures compliance with tax collection and deduction obligations,

Author: CA HARSH GARG