As we all know that 31st March - year end is just around the corner and 31st March is an important date by which important financial obligations should be fulfilled. Hence, there are some really important do's that are to be completed before the arrival of 31st march like tax related tasks as there are deadlines which are required to be met. Just a week is left for this fiscal year to close and below are the highlighted things that should be taken care of- 1. Filing of Pending Returns ..
On 4th December 2020, the Central Board of Direct Taxes released the second set of FAQs which focuses on the Scope and Eligibility of the Vivad se Vishwas Scheme 2020. Mentioned below are those FAQs: 1. Appeal or arbitration is pending with appellate authority as on 31st Jan 2020 (or time for filing appeal has not expired as on 31st Jan 2020). However, subsequent to that date, and before filing of the declaration the appeal has been disposed of by the appellate authority. Whether it is still ..
F. No. IT(A)/1/2020-TPL, Government of India Ministry of Finance Department of Revenue Central Board of Direct Taxes **** Circular No. 21 /2020 Dated: 4tb December, 2020 Sub.: Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - reg. With the objective to reduce pending income tax litigation, generate timely revenue for the Government and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would ot..
In view of the outbreak of Novel Corona Virus (Covid-19), the Ministry of Finance has brought in an Ordinance called as "The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020", on 31.3.2020, in order to provide several relief measures relating to statutory and regulatory compliance matters. As per Clause No. 5 in Chapter IV of The Taxation and Other Laws (Relaxation of Certain Provisions) Ordinance 2020, an amendment in section 3 of the Direct Tax Vivad se Vi..
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 by generating timely revenue and the taxpayers who shall after opting for the scheme shall be relieved from the burden of various dues like interest or pena..
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 Budget announcement, the Direct Tax Vivad Sc Vishwas Bill, 2020 (the Bill) 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 to the Bill were prop..
"QUESTIONS ON SCOPE/ ELIGIBILITY (Q. No. 1- 24)" Question No. Answer: 1. Which appeals are covered under the Vivad se Vishwas ? Appeals pending before the appellate forum [Commissioner (Appeals), Income lax Appellate Tribunal (ITAT), High Court or Supreme Court], and writ petitions pending before High Court (HC) or Supreme Court (SC) or special leave petitions (SI,Ps) pending before SC as on the 31st day of Janu..
You might have heard/read about the Vivad Se Vishwas Scheme in the Budget 2020 which is intended to reduce or simplify the litigations under which an assessee is not required to pay heavy penalties and interests in case of any pending dispute with the department. Only pending tax amount have to be paid. This proposed scheme has received the assent of the President on 17th March, 2020 and became THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020. Why Vivad se Vishvas scheme? As per the reports of..
MINISTRY OF LAW AND JUSTICE (Legislative Department) New Delhi, the 17th March, 2020/Phalguna 27, 1941 (Saka) The following Act of Parliament received the assent of the President on the 17th March, 2020, and is hereby published for general information: THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020 NO. 3 OF 2020 [17th March, 2020.] An Act to provide for resolution of disputed tax and for matters connected therewith or incidental thereto. BE it enacted by Parliament in the Seventy-first Ye..
A few days ago, the US announced that it no longer considers India a "developing" country but a "developed" country. While that sounds like a good thing from a status perspective, being classified as a "developing" country, it had some trade subsidy benefits attached to it, which we no longer can avail. That aside, you may ask what does it mean to be a "developed" country?As per Wikipedia, it is a sovereign state that has a developed economy and advanced t..