Settlement Commission

[Admin TMI]

Question - What are the amendments proposed in settlement commission provisions under Income tax act in Finance Bill 2015 ?

AI Summary

Finance Bill 2015 amends Income Tax Act: Multiple years in Settlement Commission, stricter rules for related parties. The discussion addresses proposed amendments to the Income Tax Act's Settlement Commission provisions in the Finance Bill 2015. Key changes include allowing taxpayers to approach the Settlement Commission for multiple assessment years if a notice under section 148 is issued for any year, provided a return was filed under section 139 or in response to section 142. Amendments also extend the time for rectifying orders and require written reasons for granting immunity from prosecution. Restrictions are tightened to prevent related parties from repeatedly approaching the Commission. Additionally, seized assets may be adjusted against liabilities from Settlement Commission applications. These changes are effective from June 1, 2015.