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Recently CBDT (Central Board of Direct Taxes) announced the introduction of the e-settlement scheme, 2021. This scheme is aimed to settle pending applications transferred to the settlement commission. This scheme will apply to the pending applications in respect of which the applicant hasn’t exercised the option under Section 245M (1) of the Act and which has been allotted/transferred by the CBDT to an interim board.
The role of the interim board is to conduct e-settlement of the pending applications allocated/transferred to it under para 3, as per the provisions of this scheme. The interim board will have the income tax authority, ministerial staff, executive or consultant to help interim board members, as considered necessary by the CBDT.
The step by step procedure for settlement of pending applications allotted/transferred to an interim board is mentioned below:
Now the tax disputes involving small taxpayers can be processed entirely easily and electronically. Central Board of Direct Taxes has notified about the e-settlement scheme of 2021 which will settle pending applications transferred to the settlement commission.
Read our article:CBDT claims India will gain from OCED global tax deal
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
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