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of <h1>New Dispute Resolution Committees Under Section 245MA for Early Tax Certainty for Small and Medium Taxpayers</h1> The Finance Act, 2021 introduced a scheme under Section 245MA to provide early tax certainty for small and medium taxpayers by establishing Dispute Resolution Committees (DRCs). Effective from April 1, 2021, these committees aim to prevent new disputes by addressing issues at the initial stage. The Central Government has constituted seven interim boards for pending settlements and will form DRCs for specified persons. Each DRC will have three members: two retired Indian Revenue Service officers and one serving officer at or above the rank of Principal Commissioner. Members serve three-year terms, with decisions made by majority vote. The government can remove members for valid reasons.
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