new Delhi: There is good news for taxpayers paying income tax. The government has introduced the trust bill 2020 in the Lok Sabha through direct tax dispute. Under this bill, relief will be given to those taxpayers who do not want to pay as much tax to the department as the tax department is asking for and this matter is going on in appeal or court. Finance Minister Nirmala Sitharaman also mentioned this in the budget speech.
The Finance Ministry has sent you tax demand and if the matter of dispute before 31 January 2020 is going on in the Commissioner's Appeal, Tribunal or any court, then you will get the benefit of this scheme.
No interest or penalty will have to be paid
Under the scheme, if you pay tax by March 31 of this year, then no interest or penalty will have to be paid. And if you pay after March 31, then you will have to pay 10% more tax. But if there is a dispute between the department and you on the interest or penalty to be paid on tax, if you fill it before March 31, then only 25% of the total amount will have to be paid and if you give it after that, you will have to pay 30%.
9.32 lakh crore rupees of tax department stranded
At present, there is a dispute between the department and the taxpayer in more than 4.5 lakh cases. And the case is going on from the Commissioner of Appeal to the Supreme Court. In these cases, Rs 9.32 lakh crore of the tax department is stranded.
Everyone's trust scheme
The government wants such a huge amount of tax money back in its treasury, before that the finance ministry has run the trust scheme of all to bring back the money trapped in indirect tax. The response to this plan has come out very well. Till January 6, 1,61,214 taxpayers took advantage of this scheme and made a declaration of Rs 79,968 crore. The government hopes that the income tax scheme will also bring color.
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