TaxTMI Login
Just a moment...
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All Acts & Rules
of of All Acts & Rules
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Settlement Commission Must Act on Wealth Tax Applications in 14 Days or Acceptance Assumed Under Section 22C</h1> Upon receiving an application under section 22C of the Wealth Tax Act, 1957, the Settlement Commission must issue a notice to the applicant within seven days, requiring an explanation for proceeding with the application. The Commission must decide within fourteen days to reject or proceed with the application. If no decision is made, the application is deemed accepted. If accepted, the Commission requests a report from the Commissioner, who must respond within thirty days. The Commission can declare the application invalid based on the report, provided the applicant is heard. If the application is valid, further investigation may be ordered. The Commission must issue an order within specified timelines, detailing settlement terms, including tax, penalty, or interest. If the settlement is obtained by fraud, it becomes void, and proceedings resume from the initial stage.
TaxTMI 
TaxTMI 
