Union Budget 2021: Nirmala Sitharaman announces faceless tax dispute resolution committee for small taxpayers
New Delhi | Jagran Business Desk: In a major relief for the small taxpayers, Finance Minister Nirmala Sitharaman on Monday announced that the government will be setting up a faceless tax dispute resolution committee to ensure efficiency, transparency and reduce litigation for the small taxpayers.
The finance minister said that "the faceless dispute resolution committee will be for taxable income up to Rs 50 lakh and disputable income of Rs 10 lakh", adding that ''all communication between the appellant and tribunal will be via electronic mode''.
"To further reduce litigation for small taxpayers I propose to constitute a dispute resolution committee which will be faceless to ensure efficiency, transparency. Anyone with a taxable income up to Rs 50 Lakhs & disputed income up to Rs 10 Lakhs eligible to approach committee", Nirmala Sitharaman said.
Finance Minister Nirmala Sitharaman during her Budget 2020 speech had announced tax dispute resolution and faceless appeals panel. She had also waived off interest and penalty on disputed tax before March 31, 2020. It proposes to extend the faceless assessment scheme to at least eight processes in income tax law.
Apart from this, the government has also allocated Rs 3,726 crore for forthcoming Census, which will be the first digital census. In other measures, she said the government has also proposed to set up a conciliatory mechanism for quick resolution of contractual disputes.
Further, the government also proposed to introduce the National Nursing and Midwifery Commission Bill, Sitharaman said, adding that 'the government is also working on a national language translation initiative. Sitharaman also announced a deep ocean mission with an outlay of more than Rs 4,000 crore over five years.
Posted By: Talibuddin Khan