Quick Summary
With the objective of reducing pending income tax litigation, generating timely revenue for the Government and giving benefit to taxpayers by providing them peace of mind, certainty and savings on account of time and resources, the Direct Tax Vivad se Vishwas Act, 2020 (hereinafter referred to as VsV) was enacted on 17th March, 2020. The settlement provisions under the Income-tax Act, 1961 (Income-tax Act) provide for an alternate mechanism to a taxpayer who chooses to exit the regular proces
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 Community
- Daily E-Newsletter
- Unlimited News Access
- Profile Visitors
- Link Social Profiles
- Featured Job Posts
- Pro Badge
- Expert GST Guidance
- Unlimited Forum Replies
- Download Content in PDF
1 Year PLAN
1999
(Excl. of GST ₹359)
2 Years PLAN
3499
(Excl. of GST ₹629)
BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)
View all CCI PRO benefits
Already a PRO member? Login here for an ad-free experience. 07941056694
FAQ :
The Act aims to reduce pending income tax litigation, generate timely revenue for the government, and provide taxpayers with peace of mind, certainty, and savings.
Cases covered by an order in pursuance to the settlement of a case under Chapter XIX-A of the Income-tax Act are intended to be outside the purview of the Vivad se Vishwas Act.
Amendments are proposed to the Vivad se Vishwas Act to clarify the definitions of 'appellant', 'disputed tax', and 'tax arrear', removing doubts about its original legislative intent.
The amendments are proposed to take effect retrospectively from March 17, 2020.
The ITSC is a mechanism under the Income-tax Act, 1961, that allows taxpayers to settle their cases instead of going through the regular assessment process.
CAclubindia
