Income tax Department Accepting Pending Settlement Cases Till September 30, 2021

­­Income tax Department Accepting Pending Settlement Cases Till September 30, 2021

Central Board of Direct Taxes (CBDT) as the senior-most IRS civil servant in the Government of India directing the income tax department to accept all pending tax settlement cases applications till September 30, 2021.

On September 28, CBDT directed the Commissioner Income Tax to acknowledge all such pending applications to settle the cases.

Taxpayers will now be able to file their applications before the interval board till September 30.

An amendment in the Finance Act through the Union Budget of 2021-22, the Income Tax Act 1961 was amended, which led to the ceasing of operations of the Income Tax Settlement Commission (ITSC) from February 1, 2021.

It was also stated that no applications for dues settlement could be filed on or after February 1, 2021. Therefore to settle all such applications which were pending as of January 31, 2021, the government had set up the Interim Board for Settlement (IBS).

However, after receiving various applications and representations from taxpayers from across the country, CBDT has given an extension till September 30, 2021, to file their applications before the interim board mainly from those who were at advanced stages of filing their settlement applications but could not do so due to a termination of Information Technology and Services Cooperation. Although the relief to such taxpayers has been given the condition that they were entitled to file applications for settlement of their dues on January 31, 2021, and all their required events are unresolved as on the date of filing for the same.

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