Adjustment and determination of arrears of tax, interest, penalty or late fee, if any, eligible for settlement.

Tax202220 sections

Statutory text

(1) Notwithstanding anything contained in the Relevant Act or under this Act,-
- (a) any payment made in respect of a statutory order either in the appeal or otherwise, on or before the 31st March 2022, shall first be adjusted towards the amount of un-disputed tax and then disputed tax, thereafter, towards the interest and the balance amount remaining unadjusted, shall then be adjusted towards the penalty and the late fee, sequentially ;
- (b) after adjustment of amount as specified in clause (a), only the amount remaining outstanding for the specified period, if any, as on the 1st April 2022 or any demand raised for the specified period by any statutory order during the period from 1st April 2022 to 30th September 2022, shall be considered for the settlement under this Act.
(2) The provisions of foregoing clauses in respect of adjustment of amount paid and determination of arrears shall be applicable mutatis mutandis to the return dues or, as the case may be, dues as per the recommendations made in respect of tax, interest or late fee by the auditor in the Audit report.

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