On Aug. 14, IND KL Tax issued circular on tax arrears relief scheme.
IND KL Tax announced an amnesty scheme for the financial year 2024-25, aimed at resolving pending tax liabilities up to 2017-18, before the GST law came into effect.
Scheme allows a 100% waiver of penalties and interest on arrears, divided into 4 slabs based on tax amount: up to INR 50k; 50k to 10 lakh; 10 lakh to 1 crore; over 1 crore.
Application for amnesty is to be filed electronically within 60 days from the start of the amnesty scheme (i.e. from Aug. 1, 2024) through the amnesty portal in Form NSTY-I.
The time limit for payment of arrears shall be on or before Mar. 31, 2025.
Follows IND KL Tax Aug. 2023 notified an amnesty re assessment orders, #182648.
