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What Are the Powers of the Dispute Resolution Committee Under Rule 44DAC in Tax Dispute Cases?

The Dispute Resolution Committee (DRC), established under Section 245MA of the Income Tax Act, 1961, provides a mechanism for taxpayers to resolve disputes related to assessments, penalties, and other tax matters. One of the key features of the Dispute

Applying for Dispute Resolution Under Rule 44DAB: What You Need to Know

The Dispute Resolution Committee (DRC), introduced under Section 245MA of the Income Tax Act, 1961, offers taxpayers an alternative to lengthy litigation processes. Rule 44DAB governs the application process for dispute resolution, providing clear guidelines for taxpayers seeking to

What Features Are Included in the New Scheme of Dispute Resolution Committee Under Section 245MA?

The Dispute Resolution Committee (DRC), as introduced under Section 245MA of the Income Tax Act, 1961, brings a significant shift in the way tax disputes are resolved in India. Designed to offer a faster, more efficient, and transparent alternative

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

Conditions and Benefits of Immunity Under Section 273AA

Section 273AA of the Income Tax Act, 1961, provides taxpayers with a significant opportunity to avoid prosecution for certain offenses under the Act. This provision empowers tax authorities to grant immunity from prosecution if the taxpayer meets specified conditions.

How Can Penalties Be Reduced or Waived Under Section 273A?

Section 273A of the Income Tax Act, 1961, empowers the Principal Commissioner or Commissioner of Income Tax to reduce or waive penalties in specific circumstances. This provision offers relief to taxpayers who make genuine efforts to comply with tax

Section 54EE Tax Relief: How to Benefit from Capital Gains Exemption on Investments

Under the Income Tax Act, 1961, the government offers relief from capital gains tax through various provisions to encourage investment in specific sectors and promote economic growth. One such provision is Section 54EE, which allows individuals and Hindu Undivided

How Section 10(37) Impacts Tax Relief on Compensation for Agricultural Land Acquisition: Complete Guide

The compulsory acquisition of agricultural land by the government or any other public authority is a significant event that may involve a compensation payment to the landowner. The tax implications of receiving compensation for the compulsory acquisition of agricultural

What are the complete tax implications regarding capital gains on the one transfer of assets in special circumstances such as shifting of industrial undertakings to Special Economic Zones (SEZs)?

The transfer of assets in specific circumstances, such as the shifting of industrial undertakings to Special Economic Zones (SEZs), brings unique tax implications. Special Economic Zones are designated areas within a country that are treated differently from other regions

What Tax Relief is Available Under Section 54EC for Long-Term Capital Gains on the Sale of Specific Bonds and Securities?

Section 54EC of the Income Tax Act, 1961 provides tax relief for taxpayers who face long-term capital gains (LTCG) from the sale of assets like land, property, and securities. By reinvesting the gains in specified bonds, such as those

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