Vivad se Vishwas Scheme

Practical Case Studies on Tax Payable under Vivad se Vishwas Scheme, 2020

Income Tax - Direct Tax Vivad se Vishwas Act, containing the provisions relating to the specified due dates for payment of tax payable by the declarant under the Vivad se Vishwas scheme, has been made and accordingly the due date of making payment of disputed tax (without any additional amount), was extended from the originally stipulated due date of ...

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Revolutionising Tax Dispute Resolution Schemes – A Striking Move Towards Good Governance

Income Tax - THE INTRODUCTION TO THE SCENARIO The fostering of the economic growth and development have been assured and accounted in the hands of the government. The reliance for assuring the same is based on funding. The programs to provide the health, education, infrastructure and services are the bridge to achieve the unanimous goal of functional,...

Read More

Direct Tax Vivad Se Vishwas: A Simplified View

Income Tax - VIVAD SE VISHWAS : A CONSONANCE STEP 1. INTRODUCTION: The scheme has been introduced by the finance act, 2020 & accordingly the said act received the assent of the president on the 17th march, 2020 as act no. 3 of 2020. 2. ELIGIBILITY: The following cases may be eligible for this scheme: A Person whose […]...

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Vivad Se Vishwas: Settlement of Disputes under Income Tax Laws

Income Tax - Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas (VsV) scheme through budget announcement, notifying it as an Act on 17th March, 2020 and thereafter rules regarding the scheme were also notified. This scheme aims to benefit both, the Government...

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Vivad Se Vishwas Scheme 2020

Income Tax - > INTRODUCTION DTVSV Scheme was announced in Budget 2020 as “No Dispute but Trust Scheme-Vivad se Vishwas Scheme” to settle pending disputes relating to direct taxes. It is an attempt to release 9.32 trillion (as on 30th Nov 2019) blocked in approximately 483000 appeals pending at various appellate forums. The Scheme got assent fro...

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35,074 taxpayers opt for Vivad Se Vishwas Scheme

Income Tax - The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020....

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CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund

Income Tax - CBDT  desires that all the work related to cleaning up of the tax demands and calculating the tax payable or refundable in respect of all eligible assesses under Vivad Se Vishwas Scheme is taken up on priority and completed by 31st August 2020. Also Read- CBDT directs all CIT(A) to dispose at least 80 appeals […]...

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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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ITAT Dismiss appeals despite non-issue of Form 3 of Vivad Se Vishwas Scheme 2020

Mahaveer Medicare Vs ACIT (ITAT Bangalore) - Dismissal of Appeal by ITAT after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Department...

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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. 09/2020-Income Tax - (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"

Practical Case Studies on Tax Payable under Vivad se Vishwas Scheme, 2020

Direct Tax Vivad se Vishwas Act, containing the provisions relating to the specified due dates for payment of tax payable by the declarant under the Vivad se Vishwas scheme, has been made and accordingly the due date of making payment of disputed tax (without any additional amount), was extended from the originally stipulated due date of ...

Read More
Posted Under: Income Tax |

35,074 taxpayers opt for Vivad Se Vishwas Scheme

The total number of taxpayers who have opted for the Direct Tax Vivad Se Vishwas Act since its enactment is 35,074 through Form-1 (Declaration under the scheme) that have been submitted till 8th September, 2020....

Read More
Posted Under: Income Tax |

Revolutionising Tax Dispute Resolution Schemes – A Striking Move Towards Good Governance

THE INTRODUCTION TO THE SCENARIO The fostering of the economic growth and development have been assured and accounted in the hands of the government. The reliance for assuring the same is based on funding. The programs to provide the health, education, infrastructure and services are the bridge to achieve the unanimous goal of functional,...

Read More
Posted Under: Income Tax |

Direct Tax Vivad Se Vishwas: A Simplified View

VIVAD SE VISHWAS : A CONSONANCE STEP 1. INTRODUCTION: The scheme has been introduced by the finance act, 2020 & accordingly the said act received the assent of the president on the 17th march, 2020 as act no. 3 of 2020. 2. ELIGIBILITY: The following cases may be eligible for this scheme: A Person whose […]...

Read More
Posted Under: Income Tax |

Vivad Se Vishwas: Settlement of Disputes under Income Tax Laws

Recently, measures have been taken by the government to reduce and settle the pending income tax litigations by introduction of Vivad se Vishwas (VsV) scheme through budget announcement, notifying it as an Act on 17th March, 2020 and thereafter rules regarding the scheme were also notified. This scheme aims to benefit both, the Government...

Read More
Posted Under: Income Tax |

Vivad Se Vishwas Scheme 2020

> INTRODUCTION DTVSV Scheme was announced in Budget 2020 as “No Dispute but Trust Scheme-Vivad se Vishwas Scheme” to settle pending disputes relating to direct taxes. It is an attempt to release 9.32 trillion (as on 30th Nov 2019) blocked in approximately 483000 appeals pending at various appellate forums. The Scheme got assent fro...

Read More
Posted Under: Income Tax |

CBDT prioritise Vivad Se Vishwas Scheme case of demand & Refund

CBDT  desires that all the work related to cleaning up of the tax demands and calculating the tax payable or refundable in respect of all eligible assesses under Vivad Se Vishwas Scheme is taken up on priority and completed by 31st August 2020. Also Read- CBDT directs all CIT(A) to dispose at least 80 appeals […]...

Read More
Posted Under: Income Tax |

Extension of due dates under the Income Tax Act

DUE TO THE OUTBREAK OF NOVEL CORONA VIRUS, THE GOVERNMENT HAS FURTHER EXTENDED THE DATES FOR VARIOUS COMPLIANCES UNDER THE INCOME TAX ACT, 1961 (IT Act) AND VARIOUS OTHER SPECIFIED ACTS** BY NOTIFICATION NO.35  / 2020, DATED 24 JUNE 2020 AND COMES INTO FORCE FROM 30 JUNE 2020 Sr. No. Particulars Period Actual Due Date […]...

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Posted Under: Income Tax |

ITAT Dismiss appeals despite non-issue of Form 3 of Vivad Se Vishwas Scheme 2020

Mahaveer Medicare Vs ACIT (ITAT Bangalore)

Dismissal of Appeal by ITAT after filing Vivad Se Vishwas Scheme 2020 before receiving Form 3 from Department...

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11 things to know Taxation & other Laws (Relaxation of Certain Provisions) Ordinance, 2020

Features of the Taxation and other Laws (Relaxation of Certain Provisions) Ordinance, 2020 1. Last date for filing belated/revised tax return for Financial Year 2018-19 has been extended from 31st March, 2020 to 30th June, 2020 2. The due date for completion/passing/issuance/filing of any proceeding/order/notice or approval order or sanct...

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Posted Under: Income Tax |

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