Budget 2020 news

List of Amendments in Finance Bill as passed by Lok Sabha

Following is the list of Amendments which were proposed in Finance Bill 2020 after its Introduction in Lok Sabha on 01st February 2020. These amendments were passed by Lok Sabha on 23.03.2020 without any discussion due to shortened Parliament Session considering Corona Virus threat. LOK SABHA —– FINANCE BILL, 2020 [As introduc...

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Posted Under: Income Tax |

Both Houses of Parliament Adjourned after Budget Session 2020

The Budget Session, 2020 of Parliament which commenced on Friday, 31st January, 2020 has been adjourned sine die today i.e. Monday, the 23rd of March 2020. In between both the Houses also adjourned for recess on Tuesday, the 11th February, 2020 to reassemble on Monday, the 2nd March, 2020 to enable Departmentally related Standing Committe...

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Posted Under: Income Tax |

Direct Tax Vivad se Vishwas Scheme – CBDT enables Online Form submission

Pursuant to the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS) on 17.3.2020, the Direct Tax Vivad se Vishwas Rules, 2020 along with Forms-1 to 5 have been notified on 18.3.2020 vide notification No.18 of 2020. The Forms are required to be filed by the declarant electronically only. No paper form shall […]...

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Posted Under: Income Tax |

Direct Tax Vivad se Vishwas Scheme- Request for 3 months extension

The Direct Tax Vivad se Vishwas Act, 2020 - Request for three months extension without any extra charge of disputed tax, Interest or Penalty....

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Posted Under: Income Tax |

Finance Minister reaches out to CAs for promoting Vivad se Vishwas scheme

The 'Vivad se Vishwas' Scheme aims at dispute resolution in order to reduce pending litigation, generate revenue for the Government and benefit taxpayers. Over the years, the pendency of appeals filed by taxpayers as well as Government has increased due to the fact that the number of appeals that are filed is much higher than the number o...

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Posted Under: Income Tax |

CA Challenges Constitutional validity of Vivad se Vishwas Act 2020

CA Satyaprakash Singh from Mumbai has challenged Constitutional validity of Section 9 of Vivad se Vishwas Act, 2020 by FIling a Public Interest Petition with Hon’ble Supreme Court of India. By this Public Interest Petition, the Petitioner is impugning the Constitutional validity of Section 9 of Vivad se Vishwas Act, 2020. The Respon...

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Extend time-line of 31st March 2020 for Vivad Se Vishwas Scheme

Representation for extension of time-lines of 31st March 2020 for payment of 100% of ‘Disputed Tax’ for VSVS in wake of the prevailing economic situations on account of outbreak of Corono Virus, for your consideration....

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Posted Under: Income Tax |

Issue clarification for Direct Tax Vivad se Vishwas Bill, 2020

Direct Tax, Vivad se Vishwas scheme covers the case where the writ petition has been filed by the taxpayer before appellate forum i.e. High Court or Supreme Court....

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Posted Under: Income Tax |

Post Budget Memorandum on Direct & Indirect Taxes Provisions

AIFTP has an 'Indirect Tax (GST) Representation Committee' as well as 'Direct Tax Representation Committee' to monitor and suggest the right path for a well-designed and ideal Indirect & Direct Tax Regime as well as to educate the tax fraternity about the finer aspects of the Tax Law implemented in our country....

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Posted Under: Income Tax |

Official amendments to Direct Tax Vivad se Vishwas Bill 2020

The Direct Tax Vivad se Vishwas Bill, 2020 (‘the Bill’) was introduced in the Parliament on 5th Feb, 2020. After introduction of the Bill, a notice for moving the following amendments to the provisions of the Bill has been given to the Parliament on 14th Feb, 2020, which is subject to the approval of and […]...

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Posted Under: Income Tax |

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