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of <h1>Finance Bill 2021: Clause 66 introduces Dispute Resolution Committee to settle tax disputes and offer penalty relief.</h1> Clause 66 of the Finance Bill, 2021 introduces Chapter XIX-AA to the Income-tax Act, establishing a Dispute Resolution Committee (DRC) for certain cases. The Central Government will form one or more DRCs to resolve disputes arising from variations in specified orders for eligible persons. The DRC can reduce or waive penalties and grant immunity from prosecution. A scheme will be developed to enhance efficiency and transparency, minimizing direct interaction between the DRC and taxpayers. Notifications related to the scheme must be presented to Parliament. Eligibility excludes individuals with certain legal convictions or prosecutions, and disputes must not involve specified high-value or investigative circumstances.
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