Tax disputes such as those involving Vodafone and Cairn can take advantage of ‘Vivad se Viswas,’ a tax dispute resolution scheme, said Pramod Chandra Mody, Chairman of the Central Board of Direct Taxes (CBDT). He also informed that individuals without business income can switch over to the new slab system based on their requirements. Excerpts:
There is confusion on the existing versus new income-tax slabs…
Individuals without any business income have the option of switching over to the new tax regime. However, those with business income cannot revert to the old scheme once they have opted for the new one as there are issues relating to depreciation, among others.
