%20(500%20%C3%97%20280%20px)%20(500%20x%20300%20px)%20(29).png "The e-Dispute Resolution Scheme (e-DRS) has been announced by the Income Tax Department")
- Here are some key points about the scheme:
- Objective: The e-DRS aims to reduce litigation and provide relief to eligible taxpayers by allowing them to resolve disputes electronically through Dispute Resolution Committees (DRCs) established under section 245MA of the Income-tax Act, 1961.
- Eligibility: Taxpayers whose returned income for the relevant assessment year does not exceed ₹50 lakh and where the aggregate amount of variations proposed or made does not exceed ₹10 lakh can apply.
- Application Process: Applications must be filed electronically in Form No. 34BC on the Income Tax Department’s e-filing portal within one month from the date of receipt of the specified order.
- DRC’s Role: The DRC can make modifications to the variations in the specified order and decide on the reduction or waiver of penalties and prosecution.
- Timeline: The DRC is mandated to pass its order within six months from the end of the month in which the application for dispute resolution is admitted.
- This initiative is expected to streamline the dispute resolution process and make it more efficient for taxpayers.
Question:
1 What is the maximum returned income limit for a taxpayer to be eligible to apply under the e-Dispute Resolution Scheme (e-DRS)?
- A) 10 lakh
- B) 25 lakh
- C) 50 lakh
- D) 1 crore
