The Direct Tax Dispute Resolution Scheme, 2016, (‘Scheme’) which provides an opportunity for dispute settlement, can be availed up to 31st December, 2016. The Central Board of Direct Taxes (CBDT) issued its first set of clarification with regards to the Scheme on 12 September 2016 ( vide Circular no. 33 of 2016)
Recently, the Income Tax Department has come out with a second set of clarifications on the scheme in form of frequently asked questions (FAQ) vide Circular no 42 of 2016, dated 23 December 2016.
Our newsflash captures the FAQs for your reference.