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of <h1>Tax Settlement Scheme Offers Reduced Rates for Declarants Seeking to Resolve Outstanding Tax Liabilities Under Multiple Tax Laws</h1> The statutory provision outlines a tax settlement scheme applicable from September to December 1998, allowing declarants to settle tax arrears under various tax laws. The scheme provides different settlement rates based on the type of tax (income tax, wealth tax, gift tax, expenditure tax, interest tax, and indirect taxes), entity type (company/firm or individual), and nature of tax arrear (disputed income, interest, penalty, or search and seizure proceedings). Settlement rates range from 1% to 50% depending on specific circumstances, offering a mechanism for resolving tax disputes.
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