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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...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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 […]...
Read MoreIncome 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...
Read MoreIncome 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)...
Read MoreIncome 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...
Read MoreIncome 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...
Read MoreIncome 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....
Read MoreIncome 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....
Read MoreACIT 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...
Read MorePCIT 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...
Read MoreNeema 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....
Read MoreMufg 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....
Read MorePavan 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....
Read MoreNotification 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...
Read MoreRelease 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 ...
Read MoreNotification 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:...
Read MoreNotification 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...
Read MoreNotification 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:-...
Read MoreACIT Vs Calchennai Mobile Worx P. Ltd (ITAT Chennai) -
PCIT Vs Aditya Saraf Huf (Calcutta High Court) -
Neema Nidhi Ltd Vs ACIT (Kerala High Court) -
Mufg Bank Ltd Vs CIT (Delhi High Court) -
Pavan Kandkur Vs PCIT (ITAT Bangalore) -
Dr. Sankaran Sundar Vs ITO (ITAT Bangalore) -
ACIT Vs Lifecell International Private Limited (ITAT Chennai) -
Ambarnuj Finance And Investment Pvt. Ltd Vs DCIT (Delhi High Court) -
I A Housing Solution Private Limited Vs PCIT (Delhi High Court) -