The new rules for search and seizure by the income-tax (I-T) department, announced in the Union Budget for 2024-25 on Tuesday, have the potential to reduce litigation and enhance compliance by ensuring resolution in one go, Central Board of Direct Taxes (CBDT) Chairman Ravi Agrawal has said.
A case will be settled if the taxpayer accepts the findings of the department and agrees to pay “60 per cent tax on the undisclosed income”, he said.
These rules will come into effect from September 1.
“The proceedings following the search take a long time. However, under the proposed scheme,
First Published: Jul 26 2024 | 11:50 PM IST