The Government on Wednesday notified 1st May 2021 as a date on which the Chairman, Vice-Chairman or Member cease to hold office of Income Tax Settlement Commission.
“In exercise of the powers conferred by the proviso to Article 309 of the Constitution, the Central Government hereby notifies the date as 1st May 2021 on which the Chairman, Vice-Chairman or Member shall cease to hold office as provided in 3rd proviso of rule –7 of Settlement Commission (Income-tax and Wealth- tax) (Recruitment and Conditions of Service of Chairman, Vice-Chairmen and Members) Amendment Rules, 2021,” the notification said.
The finance ministry has notified the rule for winding up of the Settlement Commission, handling income tax and wealth tax disputes, effective 1 February 2021, to make way for a new dispute resolution system for small taxpayers.
The ministry has notified the terms for scrapping the more than four-decade old Commission by compensating its chairman, vice-chairman and members. They will be entitled to compensation of three months’ pay and allowances for the premature termination of term of their office, according to a new rule issued on Thursday.
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