The scheme allows individuals and companies to resolve disputes by paying the disputed amount of tax with a specified percentage. Once the payment is made, the Income Tax Department will waive interest, fine and prosecution related to the case.
For example, if the tax department claims that you pay Rs 25,000 on an income of Rs 150,000, but you argue that your tax should be Rs 10,000 at Rs 100,000, you can solve the case by paying a difference of Rs 15,000. After submitting this payment and application, the case will be closed without any punishment or further action.
(Tagstotransite) Personal Finance (T) Tax dispute (T) pending tax dispute
