Experts raise concerns over Budget proposal to scrap Income-Tax Settlement Commission

• February 19, 2021
• CA Chandan Agarwal's Office

Income tax practitioners have raised concerns over the Budget proposal to scrap Income-Tax Settlement Commission (ITSC) offering one-time life opportunity to errant taxpayers.

While the government expects the move will simplify tax administration, ease compliance and reduce litigation, tax experts claim any non-compliance would have severe cost and penalty implications.

Voicing their apprehensions concerning the Finance Bill 2021’s proposal to discontinue the ITSC from February ..