Vivad se Vishwas Scheme

Vivad Se Vishwas Scheme 2020- A Shout-out to the tax compliant

Income Tax - While presenting the Union Budget 2020, Finance Minister Ms. Nirmala Sitaraman announced Vivaad se Vishwas scheme (‘VSV Scheme’ or ‘the Scheme’) as a part of GOI’s direct tax relief measures, in line with Sabka Vishwas Scheme, which aims at resolution of legacy disputes in Indirect Taxes.  The Scheme aims at bridging the disput...

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Summary of Direct Tax Vivad Se Vishwas Act, 2020

Income Tax - Article summarises Provisions of Direct Tax Vivad Se Vishwas Act, 2020 and contains/Explains  Introduction to Direct Tax Vivad Se Vishwas Scheme, Who Are Eligible To Avail Direct Tax Vivad Se Vishwas Scheme, Quantification Of The Disputed Tax,  Computation Of The Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, Procedure For Fil...

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FAQs on Vivad Se Vishwas – Questions Unanswered- Part II

Income Tax - PREAMBLE The Direct Tax Vivad se Vishwas Act, 2020 (DTVSV) received the assent of the Hon President of India on 17-3-2020. The CBDT had in Circular No 7/2020 dated 4-3-2020 clarified on 55 questions. The DTVSV Rules were announced on 18-3-2020 prescribing the forms and procedures and the website was developed and the portal was […]...

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Vivad se Vishwas Scheme : An Insight

Income Tax - Article on The Direct Tax Vivad Se Vishwas Act, 2020  covers critical analysis, useful insights of the Scheme on eligibility to opt for the Vivad Se Vishwas Scheme, calculation of amount payable to settle the dispute, immunity from other proceedings, etc. Article also cover procedural aspects of Vivad Se Vishwas Scheme. The Government ha...

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Unabsorbed Depreciation & MAT Credit under Vivad Se Vishwas Scheme

Income Tax - The taxpayers will therefore have to weigh their options carefully before opting for settling their disputes pertaining to reduction in loss/unabsorbed depreciation or MAT credit. Every permutation and combination ought to be examined to determine whether it is advisable to avail the scheme or litigate the matter....

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ITAT holds Video Conference on ‘Direct Tax Vivad Se Vishwas’

Income Tax - Income Tax Appellate Tribunal holds All India Video Conference on ‘The Direct Tax Vivad Se Vishwas Act, 2020’ ITAT President Justice P.P. Bhatt encourages stakeholders to avail the Scheme so as reduce pending tax litigation Government open to suggestions for better implementation of the scheme and propose amendments to the Bill, says ...

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

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

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

Income Tax - 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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CA Challenges Constitutional validity of Vivad se Vishwas Act 2020

Income Tax - 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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Corrigenda to Income Tax Circular No. 09 of 2020, Dated: 22.04.2020

Corrigenda to Circular No. 09 of 2020 - (27/04/2020) - CORRIGENDA TO CIRCULAR NO.9 OF 2020 DATED 22.04.2020 In the Circular No. 9/2020 of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), issued on the 22nd April, 2020,---...

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Direct Tax Vivad se Vishwas Act, 2020- FAQs You must Know

Circular No. 9/2020 - (22/04/2020) - It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligible to file declaration under Vivad se Vishwas....

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Corrigendum to Form-3 of Direct Tax Vivad se Vishwas Rules, 2020

Notification No. 21/2020-Income Tax / S.O. 1195(E). - (20/03/2020) - CBDT issues corrigendum to The Direct Tax Vivad Se Vishwas Rules 2020 and notifies that in Form-3, for ‘as per column (7) above within thirty days’, read ‘as per column (8) above within fifteen days’. MINISTRY OF FINANCE (Department of Revenue) (CENTRAL BOARD OF DIRECT TAXES)...

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Procedure for declaration & undertaking under Vivad se Vishwas Rules

Notification No. 12 of 2020-DGIT(S) - (19/03/2020) - DGIT(S)-ADG(S)-3/e-Filing Notification/FoR1/VSVS/2020/ Government of India Ministry of Finance Central Board of Direct Tax Directorate of Income Tax (Systems), New Delhi Notification No. 12 of 2020 New Delhi, the 19th March, 2020 Subject- Procedure for making declaration in Form-1 under sub-rule (1...

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CBDT notifies ‘designated authority under ‘Direct Tax Vivad Se Vishwas Act, 2020

F. No. Pr.CCIT(Intl. Tax)/Delhi/VSV/Designated Authority/2019-20/4707 - (18/03/2020) - Notification of 'designated authority under 'the Direct Tax Vivad Se Vishwas Act, 2020'- Which provides to the 'declarant' a mechanism to resolve disputes under the Income-tax Act, 1961...

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Recent Posts in "Vivad se Vishwas Scheme"

Vivad Se Vishwas Scheme 2020- A Shout-out to the tax compliant

While presenting the Union Budget 2020, Finance Minister Ms. Nirmala Sitaraman announced Vivaad se Vishwas scheme (‘VSV Scheme’ or ‘the Scheme’) as a part of GOI’s direct tax relief measures, in line with Sabka Vishwas Scheme, which aims at resolution of legacy disputes in Indirect Taxes.  The Scheme aims at bridging the disput...

Read More
Posted Under: Income Tax |

Summary of Direct Tax Vivad Se Vishwas Act, 2020

Article summarises Provisions of Direct Tax Vivad Se Vishwas Act, 2020 and contains/Explains  Introduction to Direct Tax Vivad Se Vishwas Scheme, Who Are Eligible To Avail Direct Tax Vivad Se Vishwas Scheme, Quantification Of The Disputed Tax,  Computation Of The Amount Payable Under Direct Tax Vivad Se Vishwas Scheme, Procedure For Fil...

Read More
Posted Under: Income Tax |

FAQs on Vivad Se Vishwas – Questions Unanswered- Part II

PREAMBLE The Direct Tax Vivad se Vishwas Act, 2020 (DTVSV) received the assent of the Hon President of India on 17-3-2020. The CBDT had in Circular No 7/2020 dated 4-3-2020 clarified on 55 questions. The DTVSV Rules were announced on 18-3-2020 prescribing the forms and procedures and the website was developed and the portal was […]...

Read More
Posted Under: Income Tax |

Corrigenda to Income Tax Circular No. 09 of 2020, Dated: 22.04.2020

Corrigenda to Circular No. 09 of 2020 (27/04/2020)

CORRIGENDA TO CIRCULAR NO.9 OF 2020 DATED 22.04.2020 In the Circular No. 9/2020 of the Government of India, Ministry of Finance, Department of Revenue (Central Board of Direct taxes), issued on the 22nd April, 2020,---...

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E-Book | Vivad Se Viswas Scheme! April Edition

Please find5th edition of our e-book on ‘Vivad Se Vishwas Scheme’ which contain: – Brief about Vivad Se Vishwas Scheme – Analysis of Vivad Se Vishwas Scheme – Emerging issues – Key cases from IDS – The Direct Tax Vivad Se Vishwas Act, 2020 – The Direct Tax Vivad Se Vishwas Rules, 2020 –...

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Posted Under: Income Tax |

Direct Tax Vivad se Vishwas Act, 2020- FAQs You must Know

Circular No. 9/2020 (22/04/2020)

It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligible to file declaration under Vivad se Vishwas....

Read More

Vivad se Vishwas Scheme : An Insight

Article on The Direct Tax Vivad Se Vishwas Act, 2020  covers critical analysis, useful insights of the Scheme on eligibility to opt for the Vivad Se Vishwas Scheme, calculation of amount payable to settle the dispute, immunity from other proceedings, etc. Article also cover procedural aspects of Vivad Se Vishwas Scheme. The Government ha...

Read More
Posted Under: Income Tax |

Unabsorbed Depreciation & MAT Credit under Vivad Se Vishwas Scheme

The taxpayers will therefore have to weigh their options carefully before opting for settling their disputes pertaining to reduction in loss/unabsorbed depreciation or MAT credit. Every permutation and combination ought to be examined to determine whether it is advisable to avail the scheme or litigate the matter....

Read More
Posted Under: Income Tax |

Brief Analysis of Direct Tax Vivad se Vishwas Act, 2020

The Story so far 1. Feb 01, 2020, Finance Minister speaks about the introduction of the scheme 2. On Feb 05, 2020, the Direct Tax Vivad se Vishwas Bill is introduced in the Parliament 3. Various representations received regarding the draft bill 4. On Mar 07, 2020, Circular No. 07/2020 issued along with 55 FAQs […]...

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Posted Under: Income Tax |

OCM/Demonetisation Cases & Vivad Se Vishwas Scheme 2020

The primary reason for bringing out the Direct Tax Vivad Se Vishwaas Scheme 2020, as asserted by the learned Revenue Secretary is to ensure amicable resolution of disputes arising out of OCM/Demonetisation Cases. The Income-tax department has launched an aggressive outreach drive, wherein, a large number of jewellers and real-estate de...

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Posted Under: Income Tax |

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