Quick Summary
The Central Board of Direct Taxes has issued a clarification on the provisions of the Direct Tax Vivad se Vishwas Act 2020 and has released the 2nd set of FAQs on the Act. Read the official announcement below: F. No. IT(A)/1/2020-TPL, Government of India Ministry of Finance Department of Reven
Daily Limit Reached
You have reached your daily limit of 2 Free News
Subscribe to CCI PRO for unlimited access
Why Upgrade to CCI PRO?
- No Ads
- WhatsApp Broadcasts
- Daily E-Newsletter
- Unlimited News Access
BEST VALUE
2 YEAR PLAN
3,499
(Inclusive of GST)
1 YEAR PLAN
1,999
(Inclusive of GST)
View all CCI PRO benfits
Already a PRO member? Login here for an ad-free experience.
FAQ :
The Direct Tax Vivad se Vishwas Act 2020 is an initiative enacted on 17th March 2020 with the objective of reducing pending income tax litigation, generating timely revenue, and benefiting taxpayers by offering peace of mind, certainty, and savings.
Yes, the date for payment without additional amount under Vivad se Vishwas was extended to 31st March 2021. The last date for filing a declaration was notified as 31st December 2020.
Yes, you can still be eligible. The amount payable will be computed with reference to the position of the appeal or arbitration as it stood on 31st January 2020.
Yes, you can file a declaration under Vivad se Vishwas. However, any pending Writ/Appeal in the High Court and Supreme Court must be withdrawn by the taxpayer.
If the order under section 263 contains only specific directions and income is quantifiable, the appeal is eligible. You must settle all issues related to that order and any pending appeals.
Yes, if the time limit expired between 1st April 2019 and 31st January 2020, an application for condonation was filed before the circular's issue date, and the appeal was admitted before filing the declaration, it will be considered pending as of 31st January 2020.
CAclubindia
