CBDT allows taxpayers to file applications by September 30 for settlement of pending cases

To dispose of the pending settlement applications as of January 31, 2021, the government had constituted the Interim Board for Settlement. The taxpayers, in the pending cases, have the option to withdraw their applications within the specified time and intimate the assessing officer about such withdrawal.

New Delhi: The finance ministry on Tuesday said income taxpayers can file applications before the interim board for settlement of pending tax cases at the Income Tax Settlement Commission (ITSC) level by September 30. The Finance Act, 2021, has amended the provisions of the Income Tax Act, 1961, to provide that the ITSC shall cease to operate with effect from February 1, 2021. Further, it has also been provided that no application for settlement can be filed on or after February 1, which was the date on which the Finance Bill, 2021, was laid before the Lok Sabha. To dispose of the pending settlement applications as of January 31, 2021, the government had constituted the Interim Board for Settlement. The taxpayers, in the pending cases, have the option to withdraw their applications within the specified time and intimate the assessing officer about such withdrawal.