The Centre has been working towards faceless assessments to bring in more transparency in processes. The tax department has launched faceless assessment, appeal and penalty mechanisms
NEW DELHI: The Union Budget for 2021-21, presented by finance minister Nirmala Sitharaman on Monday, has proposed setting up of a Dispute Resolution Committee (DRC) to provide faster relief to taxpayers. The DRC will cater to small taxpayers having taxable income of up to ₹50 lakh and disputed income up to ₹10 lakh. It will have powers to reduce, waive any penalty or provide immunity from offences punishable under the Income Tax Act.
The committee will be formed under a new section 245MA of the Income Tax Act.
Source: livemint
