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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...
Read MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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 ...
Read MoreIncome 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 […]...
Read MoreIncome Tax - The Direct Tax Vivad se Vishwas Act, 2020 - Request for three months extension without any extra charge of disputed tax, Interest or Penalty....
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreCorrigenda 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,---...
Read MoreCircular 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 MoreNotification 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)...
Read MoreNotification 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...
Read MoreF. 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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Corrigenda to Circular No. 09 of 2020 - (27/04/2020) -
Circular No. 9/2020 - (22/04/2020) -
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