2 Vivad se Vishwas Scheme

Vivad se Vishwas Scheme

FAQs on Direct Tax Vivad Se Vishwas Act, 2020

Income Tax - Q.1 Which appeals are covered under the Vivad se Vishwas? Ans: ​Appeals pending before the appellate forum [Commissioner (Appeals), Income Tax Appellate Tribunal (1TAT), High Court or Supreme Court], and writ petitions pending before High Court (HC) or Supreme Court (SC) or special leave petitions (SLPs) pending before SC as on the 31st...

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Chart of Extension of Time Limits for Income Tax Compliance

Income Tax - Central Govt provides further relief to taxpayers during these difficult Covid times by extending timelines of certain compliances. Here is a quick look at the list of compliances that have been extended by CBDT Circular No 12/2021, Notification Nos 74/2021 & 75/2021 dt 25.06.2021 EXTENSION OF TIME LIMITS FOR EASE OF TAX COMPLIANCE Co...

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Income Tax : Exemption & extension of timelines

Income Tax - TAX EXEMPTION Taxpayer Financial help received from employers and well-wishers for meeting expenses incurred for treatment of COVID-19 is exempt from income tax liability in the hands of the taxpayer from Financial Year 2019-2020 onwards. Family of Taxpayer Financial assistance (ex-gratia payment) extended by employers and well-wishers to...

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CBDT Extends Vivad se Vishwas Dates Yet Again. So Your Appeals may have to Wait Longer!!

Income Tax - CBDT Extends Vivad se Vishwas Dates Yet Again. So Your Appeals may have to Wait Longer!! Well Yes Friends, it’s about 5 months since the PAN India rolling out of the Faceless Appeal Scheme, 2020 implemented w.e.f. 25.9.2020, but till date not even one single Faceless Appeal Order has churned out of the new regime […]...

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Dispute Resolution Scheme For Small & Medium Tax Payers-Section 245MA

Income Tax - INTRODUCTION According to a Survey India records highest rate of bribery in Asia i.e.39% and highest rate of citizens using personal connections (46%). Worries grew as inflation rate rose from 3.7% to 12.1% over 2001-2010. Bigger scams involving lakhs crores of rupees were into pockets of officials and ministers. Corruption became great h...

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Request to announce another Income Disclosure & Vivad Se Vishwas Scheme

Income Tax - Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure Scheme and Vivad Se Vishwas Scheme in national interest. CCI PROFESSIONALS’ FORUM (A unit of Calcutta Citizens’ Initiative) 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700071 Email npjainadv@gmail.com (M)...

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Problems in Faceless Assessments & Appeals and VSV related issues

Income Tax - Representation regarding problems in Faceless Assessments & Faceless Appeals and Issues relating to VSV Matters to Chairman, Central Board of Direct Taxes. DIRECT TAXES PROFESSIONALS’ ASSOCIATION Income Tax Building, 3, Govt. Place West, Ground Floor, Kolkata 700001 Ph 033-22420638 Email : dtpakolkata@gmail.com Ref. No. – DTPA/Re...

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Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme

Income Tax - Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme The scheme ‘Vivad Se Vishwas’ is a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers and no targets were fixed by the Government under the  Scheme. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary...

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Direct tax collection doubled for first quarter of current fiscal

Income Tax - Direct tax collection for the first quarter of the current fiscal has doubled. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today....

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Representation for extending dates for furnishing belated/Revised Returns

Income Tax - We humbly make a revenue friendly as well as taxpayers friendly suggestion for extending dates for furnishing belated/ Revised Returns for AY 2020-21....

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ITAT directs AO to consider settlement of dispute subsequent to Asset Purchase Agreement

ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai) - ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai) As per asset purchase agreement between the assessee and the purchaser, agreed consideration for transfer of business/asset is Rs 5.76 crores. In fact, the buyer has confirmed having paid entire agreed consideration for transfer of business. The a...

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HC allows Assessee to avail Vivad Se Vishwas Scheme benefit after due date considering delay in filing Appeal by revenue

PCIT Vs Aditya Saraf Huf (Calcutta High Court) - Assessee should not be non-suited for the default committed by the revenue in nor preferring the appeal within the period of limitation...

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Refund not paid due to technical defect should be processed and paid along with appropriate interest

Neema Nidhi Ltd Vs ACIT (Kerala High Court) - Kerala High Court directed the Centralized Processing Centre at Bengaluru to process the refund which are due to the petitioners which is not processed due to technical defect. Also directed to grant interest on account of delay in payment of refund....

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All the pending appeals are not required to be settled under DTVSV Act

Mufg Bank Ltd Vs CIT (Delhi High Court) - Delhi High Court held that assessee is free to settle any appeal under Direct Tax Vivad se Vishwas Act, 2020 and is not required to settle all the pending appeals filed by the respondent-revenue for an assessment year....

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Revision proceedings cannot be sustained if assessee opted to settle dispute under DTVSV Scheme

Pavan Kandkur Vs PCIT (ITAT Bangalore) - In present facts of the case, the ITAT observed that proceedings under Section 263 of Income Tax Act, 1961 cannot be sustained if the tax payer had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020....

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Extension of dates under Direct Tax Vivad se Vishwas Act

Notification No. 94/2021-Income Tax [S.O. 3536(E)] - (31/08/2021) - Vide Notification No. 94/2021-Income Tax Dated:  31st August, 2021 CBDT under Direct Tax Vivad se Vishwas Act, 2020 extended the last date of payment of the amount (without any additional amount) to 30th September, 2021. Also Read Press Release Dated 29th August 2021:Date of payment under Direct Ta...

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Date of payment under Direct Tax Vivad se Vishwas Act extended

Release ID: 1750137 - (29/08/2021) - Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to 30th September, 2021. Necessary ...

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Last date of payment under Vivad se Vishwas extended

Notification No. 75/2021-Income Tax [S.O. 2581(E)] - (25/06/2021) - Last date of payment of amount under Vivad se Vishwas (without additional amount) which was earlier extended to 30th June, 2021 is further extended to 31st August, 2021. Last date of payment of amount under Vivad se Vishwas (with additional amount) has been notified as 31st October, 2021. Also Read:...

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Government extends time for payment under VSV to 30.06.2021

Notification No. 39/2021-Income Tax/S.O. 1704(E) - (27/04/2021) - Government extends time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, to 30th June, 2021 vide Notification No. 39/2021-Income Tax, Dated: 27th April, 2021. Also Read: Government extends timelines for Income Tax Assessment (Read Notificat...

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Government extends timelines for Income Tax Assessment (Read Notification)

Notification No. 38/2021-Income Tax/S.O. 1703(E) - (27/04/2021) - Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-...

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Vivad se Vishwas Scheme’s Popular Posts

Recent Posts in "Vivad se Vishwas Scheme"

ITAT directs AO to consider settlement of dispute subsequent to Asset Purchase Agreement

ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai)

ACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai) As per asset purchase agreement between the assessee and the purchaser, agreed consideration for transfer of business/asset is Rs 5.76 crores. In fact, the buyer has confirmed having paid entire agreed consideration for transfer of business. The assessee claims that it has received a su...

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HC allows Assessee to avail Vivad Se Vishwas Scheme benefit after due date considering delay in filing Appeal by revenue

PCIT Vs Aditya Saraf Huf (Calcutta High Court)

Assessee should not be non-suited for the default committed by the revenue in nor preferring the appeal within the period of limitation...

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Request to announce another Income Disclosure & Vivad Se Vishwas Scheme

Memorandum containing suggestions for Budget 2023 by CCI Professionals Forum with request to consider annoucing another Disclosure Scheme and Vivad Se Vishwas Scheme in national interest. CCI PROFESSIONALS’ FORUM (A unit of Calcutta Citizens’ Initiative) 3, Ho Chi Minh Sarani, Ground Floor, Kolkata 700071 Email npjainadv@gmail.com (M)...

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Refund not paid due to technical defect should be processed and paid along with appropriate interest

Neema Nidhi Ltd Vs ACIT (Kerala High Court)

Kerala High Court directed the Centralized Processing Centre at Bengaluru to process the refund which are due to the petitioners which is not processed due to technical defect. Also directed to grant interest on account of delay in payment of refund....

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All the pending appeals are not required to be settled under DTVSV Act

Mufg Bank Ltd Vs CIT (Delhi High Court)

Delhi High Court held that assessee is free to settle any appeal under Direct Tax Vivad se Vishwas Act, 2020 and is not required to settle all the pending appeals filed by the respondent-revenue for an assessment year....

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Revision proceedings cannot be sustained if assessee opted to settle dispute under DTVSV Scheme

Pavan Kandkur Vs PCIT (ITAT Bangalore)

In present facts of the case, the ITAT observed that proceedings under Section 263 of Income Tax Act, 1961 cannot be sustained if the tax payer had opted to settle the dispute under the Direct Tax Vivad Se Vishwas Act, 2020....

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Section 271D Penalty proceeding is independent of assessment proceedings

Dr. Sankaran Sundar Vs ITO (ITAT Bangalore)

Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) The penalty imposed u/s 271D of the I.T.Act is independent of assessment proceedings completed u/s 143(3) of the I.T.Act. Even without completion of assessment u/s 143(3) of the I.T.Act, penalty u/s 271D of the I.T.Act can be imposed for violation of provisions of section 269SS of the I.T.Act. [...

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Appeal shall be revived once appellant violates any of the condition under DTVSVS Act, 2020

ACIT Vs Lifecell International Private Limited (ITAT Chennai)

ITAT Chennai held that it is fact that under Direct Tax Vivad Se Vishwas Act 2020 declarant cannot challenge sum payable before any appellate forum however once the declarant violates condition of DTVSVS Act 2020 the same can be revived by the Department....

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Change of opinion not base for reassessment proceedings

Ambarnuj Finance And Investment Pvt. Ltd Vs DCIT (Delhi High Court)

Delhi high court held that there was no new/ fresh material before AO to initiate reassessment proceedings, accordingly, mere change of opinion cannot form the basis for initiating reassessment proceedings...

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Delay in payment under Direct Tax Vivad Se Vishwas Act condoned due to occurrence of extraordinary event

I A Housing Solution Private Limited Vs PCIT (Delhi High Court)

Delhi High Court held that delay in payment under Direct Tax Vivad Se Vishwas Act 2020 on account of death of Managing Director of the company deserves to be condoned as the said event is extraordinary and exceptional in nature....

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