Quick Summary
1. During the Union Budget, 2020 presentation, the Vivad se Vishwas Scheme was announced to provide for dispute resolution in respect of pending income tax litigation. Pursuant to Budgetannouncement, the Direct Tax Vivad Sc Vishwas Bill, 2020 (theBill)was introduced in the Lok Sabha on 5th Feb, 2020. Subsequently, based on the representations received from the stakeholders regarding its various provisions, official amendments tothe Billwere proposed. These amendments sought to widen the scope of
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FAQ :
The Direct Tax Vivad se Vishwas Act, 2020 is a scheme introduced to resolve pending income tax litigation, generate timely revenue for the government, and benefit taxpayers by offering peace of mind and savings on litigation costs.
The latest clarification provides updated answers to frequently asked questions (FAQs) regarding the Vivad se Vishwas Act, reflecting its enactment and clarifying specific provisions to address stakeholder queries.
It's now clarified that an assessee is eligible to file a declaration if only a notice for prosecution initiation has been issued, provided prosecution has not yet been instituted. However, if prosecution has been instituted for an assessment year, a declaration cannot be filed for that year unless the prosecution is compounded beforehand.
The modifications include updating references from the 'Bill' to the 'Act', changing 'clause' to 'section', updating references to the declaration form, and modifying the answer to question 22 regarding prosecution eligibility.
Yes, Sections 10 and 11 of the Act empower the Central Government to issue directions or orders to remove difficulties or act in the public interest, which can extend the application of the Vivad se Vishwas Act.
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