Quick Summary
The Finance Act, 2021 has amended the provisions of the Income-tax Act, 1961 (the Act) to inter alia provide that the Income-tax Settlement Commission (ITSC) shall cease to operate with effect from 01.02.2021. Further, it has also been provided that no application for settlement can be filed on or a
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FAQ :
Taxpayers who were eligible to file an application for settlement on or before 31st January 2021, and whose relevant assessment proceedings are pending, can now file an application.
The deadline for filing these applications with the Interim Board is 30th September 2021.
The ITSC ceased to operate with effect from 1st February 2021, as per amendments made by the Finance Act, 2021.
The Interim Board for Settlement has been constituted by the Central Government to handle pending settlement applications after the cessation of the ITSC.
No, taxpayers who file applications under this new provision will not have the option to withdraw them.
Taxpayers who have already filed applications on or after 1st February 2021, as per High Court directions, and are otherwise eligible, do not need to file again.
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