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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

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,

How to Stay Compliant With Transfer Pricing Documentation Rules

Sections 271AA and 271G of the Income Tax Act, 1961, govern penalties for non-compliance in reporting and documentation requirements related to international transactions. These provisions aim to ensure transparency and compliance in transfer pricing regulations, which are critical for

What You Should Know About Penalties Under Section 271FAA

Section 271FAA of the Income Tax Act, 1961, addresses penalties for furnishing inaccurate information in statements relating to specified financial transactions (SFTs). This provision ensures that reporting entities provide accurate and complete information to tax authorities, enabling effective monitoring

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