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 in a written reply to a question in Lok Sabha today. Giving more details, the Minister tabled data of cases settled and amount under the said scheme is as per table given below: ..
Avail Vivad Se Vishwas Scheme, 2020 to settle your income tax disputes. File declaration by 31st December, 2020. Make payment without additional amount by 31st March, 2021. Click here to download the e-brochure ..
File the declaration before the deadline and avoid last minute rush Income Tax Department, Goa has held an online seminar on Vivad se Vishwas Scheme today with Goa Chamber of Commerce & Industry ,Chartered Accountants, Tax Professionals and other stakeholders attending. Principal Commissioner of Income Tax Panaji Ms. Amrapalli Das addressed the participants and highlighted the benefits of the scheme. She has requested the participants to impress upon the taxpayers who will be immensely..
The Apex Body CBDT has issued Circular No. 21/2020 dated 4.12.2020 containing FAQ's & Clarifications on some crucial & vital issues in the Vivad se Vishwas Scheme, 2020. This Circular has been issued in continuation of its earlier Circular No. 9/2020 dated 22.4.2020 (containing Questions 1 to 55), containing 34 more FAQs (Q. no. 56-89). It is pertinent to mention here that CBDT has stipulated the last date for filing of Declaration Form 1, to opt for settlement of the income-tax d..
Payment Date Extended for Vivad se Vishwas Scheme Finance Secretary urges I-T Department to Reach Out to the Taxpayers In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. The last date for making declaration under the Scheme has also been notified as 31st December 2020. As ..
The FM announced the economic relief package on the 13th of May 2020 to fight the COVID-19 crisis. In her announcement dated 13/05/2020, the Finance Minister announced various Direct Tax Changes. The objective of the relief measures is to form an "Aatma Nirbhar Bharat". To fulfill the objective the FM announced various relief measures to be given to the MSMEs. In her speech, the FM announced the extension of the due date to file the Income Tax Return and Tax Audit for..
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..
Key Highlights of Vivad Se Vishwas Scheme On 1st February 2020 Hon’ble Finance Minister in her Budget Speech announced the Vivad se Vishwas Scheme to settle long-pending tax disputes of an assessee. A dedicated legislature “THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020” with a supportive Central Board of Direct Taxes Circular “CIRCULAR No. 7/2020” in the form of questions and answers, which addresses 55 questions in a highly constructive and explanatory manner, ..
After the enactment of the Direct Tax Vivad se Vishwas Act, 2020 (VSVS)on the 17th of March, 2020 the government has now notified the Direct Tax Vivad se Vishwas Rules, 2020 alongwith Forms-1 to 5 on 18.3.2020 vide notification No.18 of 2020. The Forms are required to be filed by the declarant electronically only. No paper form shall be accepted. The Designated Authority shall also issue the certificate and order electronically only. The declaration under the VSVS shall be fi..
The Institute of Chartered Accountants of India (ICAI) has always supported various initiatives & schemes launched by the Government for the benefit of stakeholders & public at large. In its endeavour to reach to maximum number of Chartered Accountants & clear their doubts, ICAI through its Direct Taxes Committee organised a Live Webcast on “The Direct Tax - Vivad se Vishwas Bill, 2020” on March 16, 2020 at ICAI Head Office , New Delhi. The 'Vivad ..
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..
The 'Vivad se Vishwas' Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation. Pursuant to the Budget announcement, the Direct Tax Vivad se Vishwas Bill, 2020 (hereinafter called Vivad se Vishwas) was introduced in the Lok Sabha on 5th of February, 2020 and passed by it on 4th of March, 2020. The objective of Vivad se Vishwas is to inter alia reduce pending income tax litigation, generate timely revenue for the Go..
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