India: CBDT extends deadline for the dispute resolution scheme

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The Central Board of Direct Taxes (CBDT) has issued a Notification (No. 124/2016 of 29 December 2016) in order to extend the deadline for the Direct Tax Dispute Resolution Scheme, 2016 to 31 January 2017.

The Dispute Resolution Scheme, 2016 was introduced by the Finance Act, 2016, as a measure to give taxpayers an option to settle litigation pending at the first appellate level or any litigation, arbitration etc. pertaining to retrospective amendments made to the Income-tax Act, 1961 (the Act). The Central Board of Direct Taxes (CBDT) vide circular no. 33/2016 dated 12 September 2016, had issued certain clarifications in relation to the Scheme, in the form of frequently asked

Recently the CBDT, with circular no. 42/2016 dated 23 December 2016 issued further clarifications regarding the Scheme and vide notification dated 29 December 2016 , also extended the deadline for enrolling into the Scheme to 31 January 2017.

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