Here are the best of Business Standard's opinion pieces for Friday
Tax department should not issue notices indiscriminately
Many assessees have challenged reassessment notices under old law
128,733 declarations filed to resolve tax disputes of Rs 98,328 crore
Govt should end its retrospective tax disputes
So far, 1,25,144 cases have opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora
This is due to dismal participation and industry representations seeking more time for declaration
Consider factors like your chances of winning, cost of litigating, consequences of losing, implications of carrying forward losses, and so on and then decide whether to participate in the scheme
Vivad Se Vishwas scheme allows the waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020
"The govt will be studying the award and all its aspects carefully in consultation with our counsels," Finance Ministry said in a statement, adding that it will consider all options
Direct tax board issues detailed guidance on mutual agreement procedure, or MAP
The move will help in speedy settlement of cases of multinational corporations which have opted for the alternative dispute resolution process
The scheme requires payments to be made before June 30, which appears difficult for most businesses facing cash crunch and near-term economic uncertainty due to the lockdown.
We need innovative solutions to address tax litigation
Total Rs 2 crore tax dues are still pending with five PSUs run by the state government, said Chief Commissioner of Income Tax (Goa)
Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.
The liability would go up to 110 per cent (135 per cent in search cases) if the taxpayer pays between April 1-June 30
As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals
'Vivad se Vishwas' scheme for resolving income tax cases was announced during the 2020-21 Budget presentation by Finance Minister Nirmala Sitharaman
The scheme is well tailored to cover the period up to July 7, 2017