The recently launched dispute resolution scheme viz. The Direct Tax Vivad Se Vishwas Bill, 2020 (Scheme), has garnered a lot of attention amongst taxpayers and also aroused interest in relation to some open issues. In this regard, the Central Board of Direct Taxes vide its Circular No. 7 dated 4 March 2020, has released frequently asked questions (FAQs) covering answers to 55 Questions to provide clarity on various aspects on the Scheme. The Online Forms are released on 17th March 2020. Considering the importance, Consultease invites you to a discussion over a webcast with CA Mehul Shah with a view to understand the key highlights from the FAQs, and discuss the open issues.
Questions asked during the session.
1. Whether this scheme cover outstanding demand under Sections 154 and 143(2). Rectification request filed but no action was taken by CPC. Can we settle the demand using this scheme?
2. Does specified date has got extended?
3. Sir if anyone received asst order but not appeal before 31st jan , can he go for this scheme?
4. Weather case remand back by ITAT to ITO is eligible for Vivadh to Vishwas Scheme?
5. In case appeal has been heard on 5th March by ITAT but order has not been received till date can I still avail the scheme if order is received in depts favor before 30th June ? If yes what are requirements / process ? Do i need to file appeal in High Court before availing scheme?
6. Can deposited tax amount be refunded if order is in favour of assesee?
7. Penalty U/s 271DA (1) read with 269ST covered under this scheme?
8. What if we have accepted two additions before CIT(A) and Three additions has been deleted by the CIT(A) and for one ground we are before ITAT?
9. Is there any REVISION available for filing Form No-01. While going to file form no-01 it asks original or revised. We have filed one Form no-01 on 21.03.2020(Form no-03 awaited). On checking the hard copy of receipted Form no-01( received vide ack receipt), we observed that some of the information properly filled while uploading the form but wrongly transmitted . For example in Part A- General information- INFORMATION RELATING TO ELIGIBILITY- We filled yes but in receipted hard copy the same in blank. Similarly in next row of option exercised by appellant we filled No but in hard copy recd it is blank. Similarly in PartF- Net amount payable/refundable correctly calculated by IT Site but in hard copy recd it is appearing in PartC - under Total payments against tax arrears. It seems there has been some technical glitches while uploading/filing Form no-01. If some one else faced the same please share the same and advise
10. Is FAQ support in case condonation file before CIT(A) and it is pending, whether this will be eligible for the scheme?
11. If an assessee wants to pay the disputed tax in this scheme, can they bring such disputed income in the books of accounts during the current year given that they are paying the taxes on that disputed income . *Example* - 2 Lac disputed tax is pending on the disputed income of 8 lac. can assess add such disputed income into his personal capital/bring such income in the books of account.
12. AO has already issued order and assessee already paid disputed tax but not paid disputed interest . Now recovery wing issued notice to recover disputed interest. Is this case eligible for scheme?
13. In case of appeal pending before CIT OR ITAT. Do one required to file proof of withdrawal of appeal in Form No.4 alongwith proof of payment?
14. In case AO made some addition on account of Capital Gain and increased income by Rs. 20 lakhs and issued demand. Net demand of tax on increased income is Rs. 3 lakhs . The AO mistakenly computed tax @ 15% treating as STCG on shares while in my case STCG was of sale of land. My appeal is pending against the Ass. order before the CIT(A). Now I want to opt VSV Scheme. I want to know , can the IT Authority rectify the tax computation for computing tax under tis scheme which was wrongly calculated and charged as per capital gain on sale of land or they have to accept the original demand even if it was wrong?
15. Sir, what happens case if the order has been rectified u/s 154. How we will fill the form in that case?
16. Sir in Part A “Option exercised by appellant “ - what needs to be selected ?
17. Actual return loss of 25L but after assessment their is profit of 60L. The carried forward loss of 25L allowed to set off with future year income?
18. Since the date has been extended than whether appeal filled after 31.01.2020 also covered under VSV scheme?
19. Returned income and addition u/s 68 made so tax charged u/s 115bbe and if we avail vsv then what is the disputed tax......it will be the tax computed in assessment order or the income computed on that income in normal course by adding interest u/s 234A,B & C?|
20. Is there any attachments allowed with the FORM 1?
21. We want to go for scheme but want payment of tax through adjustment of refund which has been already determined but has not been adjusted with any demand . Demand is outstanding for Ay 2012-13 ( determined u/s 148 in dec 19) and Ay 2016-17 ( determined in dec 17 regular assessment) Refund for Ay 2017-18 determined in Jan 20 but still not adjusted with any demand . we want to avail the scheme for Ay 2012-13 can we have this option or not and how?
22. What should be done if amount shown in letter of AO is less than tax calculated by the assessee?
23. What about belated filed appeal?
24. What about if appeal is filed after due date and condonation if filed?
25. My client's appeal for A.Y 13-14 is pending before tribunal and he don't want to take benefits of VSV. But penalty U/s 271(1)C is pending before CIT Appeal. Can he take benefits in VSV for penalty appeal?
26. Does VSV Cover Refund of Excess Tax Collected by the department on the case filed with CIT(A).
27. On assessment completed u/s 143(3) on 22/12/2019 income determined Rsxx.and Tax charged u/s 115 BBE. Tax chargeable in normal course on income of rs yy. If assesse intends to avail of the vivad se vishwas scheme 2020 as entire demand raised is disputed in appeal and no payment is made till this date What would be the Tax required to be Paid?
28. If i file the form now get its approval is it necessary to make the payment within 15 days or can we make the payment before June at any time?
29. If an addition is made for cash payment of Rs. 2cr for purchase of land. Then, can the value of land in books be increased by Rs.2 cr in books after paying tax in vvsv scheme?
30. My friend is NRI and got the notice and later on orders for Rs.12 lacs deposit in his account during demonitisation. he just come to that after login to income tax site now.Is there any option in vvs or other . He is NRI in that period also?