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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - Income Tax - 21/2020

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..... s also notified as 31st December, 2020. Subsequently, the Central Board of Direct Taxes issued a circular no. 18/2020 dated 28th October, 2020 relaxing the time limit of 15 days prescribed in section 5(1) of Vivad se Vishwas for making payment of amount payable, as determined in a certificate issued by the Designated Authority. 2. In order to facilitate the taxpayers, the Board had vide circular no. 9/2020 dated 22nd April, 2020 issued clarifications in form of answers to 55 frequently asked questions (FAQs) on issues related to eligibility, computation of amount payable, procedure and consequences under Vivad se Vishwas. Several representations have been received thereafter seeking further relaxation and clarifications with respect to such issues. Some of these representations have already been addressed through the aforesaid notification dated 27th October, 2020 and circular dated 28th October, 2020. 3. Section 10 and 11 of the Vivad se Vishwas empowers the Board / Central Government to issue directions or orders in public interest or to remove difficulties. This circular is being issued in continuation of circular dated 22nd April, 2020 (which covered Q. no. 1 - 55) under Sectio .....

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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - Income Tax

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..... ime to file appeal has not expired on. 31st Jan 2020), if any, with reference to the said order. Q. No. 59. Whether the taxpayer in whose case the time limit for filing of appeal has expired before 31st Jan 2020 but an application for condonation of delay has been filed is eligible? Answer: If the time limit for filing appeal expired during the period from 1st April 2019 to 31st Jan, 2020 (both dates included in the period), and the application for condonation is filed before the date of issue of this circular, and appeal is admitted by the appellate authority before the date of filing of the declaration, such appeal will be deemed to be pending as on 31st Jan 2020. Q. No. 60. Whether cross objections filed and pending as on 31 January 2020 will also be covered by the scheme? Answer: Yes. However, the main appeal is also required to be settled along with cross objections. Q. No. 61. Whether Miscellaneous Application (MA) pending as on 31 January 2020 will also be covered by the scheme? Answer: If the MA pending on 31st Jan 2020 is in respect of an appeal which was dismissed in limine (before 31st Jan 2020), such MA is eligible. Disputed tax will be computed with reference to the ap .....

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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - Income Tax

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..... hout condonation of application). Q. No. 68. Whether the assessee is eligible to opt for Vivad se Vishwas if prosecution has been instituted due to a Tax Deduction at Source (TDS) default? Answer: If prosecution has been instituted for TDS default in a financial year on or before the date of filing of declaration, it cannot be settled under Vivad se Vishwas. Q. No. 69. A trust has been denied registration u/s 12AA of the Act. Whether appeal against such order is eligible for Vivad se Vishwas? Answer: No. Q. No. 70. If the assessment order has been framed in the case of a taxpayer under section 143(3) /144 of the Act based on the search executed in some other taxpayer's case, whether it is to be considered as a search case or non-search case under Vivad se Vishwas? Answer: Such case is to be considered as a search case. Q. No. 71. Vivad se Vishwas forms do not contain a specific option to settle appeal filed against intimation u/s 143(1) of the Act. Accordingly, please clarify how to settle such appeal, which is pending as on 31st Jan 2020 (or time to file appeal has not expired on 31st Jan, 2020). Answer: Appeal filed against intimation u/s 143(1.) of the Act is eligible under .....

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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - Income Tax

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..... shall be considered for the purpose of computing disputed tax. Q. No. 78. In case of appeals pending against both assessment and reassessment where addition is repeated on same issue, would tax be payable twice in respect of the same issue if both appeals are settled? Answer: Since disputed tax in respect of repeated addition will be payable only once, both the assessment and reassessment appeals are required to be settled together. If there is a difference between tax liability in respect of such addition in assessment and reassessment, then higher of the two tax liabilities will be considered for computing disputed tax. Q. No. 79. In a case where assessee accepts certain additions in an order (giving rise to undisputed tax liability) and appeals against certain additions (giving rise to disputed tax liability), how the prepaid taxes will be adjusted against the disputed tax liability or undisputed tax liability? Answer: If prepaid tax, being TDS/TCS, is clearly identifiable with the source of income, it will be adjusted against tax liability with respect to such income. Rest of the pre-paid tax, which cannot be clearly identified with the source of income, will be apportioned ag .....

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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - Income Tax

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..... vad se Vishwas. Deductee will not be required to pay the tax under Vivad se Vishwas with reference to said income and he will get credit for tax paid by deductor. However, he shall be required to pay interest and penalty, if any, with reference to said income and if such interest or penalty qualifies for Vivad se Vishwas, he can settle the same by paying the applicable amount (25% / 30%). In case of (ii), since the deductee has settled his appeal (or arbitration) and paid the tax he would get waiver from interest and penalty. Deductor will not be required to pay tax under Vivad se Vishwas with reference to non-deduction of tax on said income. However, he shall be required to pay interest and penalty, if any, with reference to said income and if such interest or penalty qualifies for Vivad se Vishwas, he can settle the same by paying the applicable amount (25% / 30%). Q. No. 85. In the scenarios mentioned in Q. no. 84, what will be the amount of tax credit if the payment of amount on settlement of section 201 appeal is more than 100% of disputed tax for it being a search case or for the reason that the payment is made after 31st March 2021? Answer: Tax credit in the hands of deducte .....

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Clarifications on provisions of the Direct Tax Vivad se Vishwas Act, 2020 - Income Tax

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