VIVAD SE VISHWAS: SETTLEMENT OF DISPUTES UNDER INCOME TAX ACT
Government has taken necessary measures to reduce and settle the pending income tax litigations by introduction Vivad se Vishwas scheme through the budget.
Purpose of the scheme:
This scheme aims at benefiting both the government and taxpayers. The Government gets benefited by generating the revenue on time and the taxpayers who opts for this scheme gets relief from the various burden of various dues like interest, penalties etc.
PROVISIONS OF THE ACT:
The provisions of the act are applicable to disputes which are in the following cases:
(A) in a case where any appeal, writ petition or special leave petition is pending before the appellate forum i.e. Commissioner (Appeals), Income tax Appellate Tribunal, High Court or Supreme Court.
(B) in a case where an order in an appeal or in the writ petition has been passed by the appellate forum, and the time for filing an appeal or special leave petition against such order has not expired as on 31/01/2020,
(C) in a case where the order has been passed by the Assessing Officer on or before the specified date, and the time for filing an appeal against such order has not expired as on that date
(D) in a case where objection filed by the appellant is pending before the Dispute Resolution Panel under section 144C of the Income-tax Act as on the specified date,
(E) in a case where Dispute Resolution Panel has issued any direction under sub-section (5) of section 144C of the Income-tax Act and the Assessing Officer has not passed the order under sub-section (13) of that section on or before the specified date,
(F) in a case where an application for revision under section 264 of the Income-tax Act is pending as on the specified date, the amount of tax payable by the appellant if such application for revision was not to be accepted.
Important concepts under Vivad se Vishwas:
|Appeals pending as on 31.01.2020||Amount of Tax payable if such appeal was to be decided in favor of revenue|
|Where an order in appeal has been passed on or before 31.01.2020, and time for filing the further appeal has not expired as on 31.01.2020||Amount of tax payable after giving effect to the order so passed|
|Where an order in original has been passed by Assessing officer on or before 31.01.2020, and time for filing appeal has not expired as on 31.01.2020||Amount of tax payable in accordance with such order|
|Where objection filed is pending before Dispute Resolution Panel (DRP) u/s 144C as on 31.01.2020||Amount of tax payable if the DRP was to confirm the variations proposed in the draft order.|
|Where DRP has issued any direction u/s 144C(5) and the AO has not passed the final order as on 31.01.2020.||Amount of tax payable as per the assessment order to be passed by the Assessing Officer|
|Where an application for revision under section 264 is pending as on the 31.01.2020||Amount of tax payable if such application for revision was not to be accepted|
NON APPLICABILITY OF VIVAD-SE-VISHWAS ACT, 2020 [SECTION 9]
PROCEDURAL CONCEPTS UNDER VIVAD SE VISHWAS
Copyright © 2019 - All Right Reserved