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The Indian government has taken a new initiative named Vivad se vishwas Bill 2020. The concerned authority of Indian government has highlighted details regarding e Direct tax dispute settlement scheme.The scheme has been made for dispute resolution and it reduces payment from a taxpayer. On the other hand, taxpayers can settle all disputes before ending the financial year, under this scheme. Financial experts stated that this Vivad se vishwas scheme will bring many litigation cases that have become long awaited measures.
Central Board of Direct Taxes has come out with Direct Tax VIvad se Vishwas Rules, 2020 vide Notification No. 18 of 2020 dated 18th March 2020 which lays down the procedures and notified forms for making the application. In this blog, I will be sharing the procedure on how to make an application under Direct Tax Vivad se Vishwas Scheme
Vivad Se Vishwas Scheme 2021
|Form No.||Purpose of Forms|
|Form-1||Form for filing declaration|
|Form-2||Undertaking u/s 4(5) of the Direct Tax Vivad Se Vishwas Act, 2020|
|Form-3||Form of Certificate u/s 5(1) of the Direct Tax Vivad Se Vishwas Act, 2020|
|Form-4||Intimation of payment u/s 5(2) of the Direct Tax Vivad Se Vishwas Act, 2020|
|Form-5||Order for Full and Final Settlement of Tax Arrear under section 5(2) read with section 6 of The Direct Tax Vivad Se Vishwas Act, 2020|
Vivad Se Vishwas Scheme Latest update:-
- It can be said that this Vivad se vishwas scheme policy will be extended from 31st December to 31st January 2021.
- Last date of passing order should be under Vivad se vishwas scheme-31st January, 2021.
- You will see the due date for passing issuance on 31st march, 2021.
- On the other hand, you will get the clarification on provisions of the direct tax named Vivad se vishwas scheme.
- The Finance ministry extended the deadline for doing payments through the scheme from 31st December to 31st march 2021, so that a person should appeal for it on or before 31st December 2020.
- As the tax department is able to solve around 35000 cases of direct taxes, this Vivad se vishwas scheme objective is to resolve the tax disputes across the country.
- Vivad se vishwas scheme is also known as tax dispute settlement scheme.
- Our honorable Prime Minister Mr. Narendra Modi declared that the updated laws can reduce the legal burden from the text measures.
- The initiatives called vivad se vishwas scheme gave an easy way to settle various cases out of court.
Assessees for Vivad se vishwas Scheme:-
Income tax officials supervised most of the disputes between articles and individuals which are required to be solved. In other words, income tax officials cope with the situation by calling, giving emails and sending letters with the council.
Partner of the tax dispute settlement scheme:-
As per the record of Vivad se vishwas bill, taxpayers who have completed appeals for solving disputed tax or penalty matters. This scheme will be applicable for taxpayers, income tax appellate tribunal,the commissioners and high court or Supreme Court officials on the 31 st day of January, 2020.
Details of tax dispute Scheme:-
As we all know that the tax Arrears is the total amount of disputed tax or penalty that implies on the disputed tax. However, the taxpayers are bound to pay a chargeable amount to the government before 31st January, 2021.The taxpayers who have taken advantage of the scheme on or after 1st April 2020, will have to pay 10% additional of the total disputed tax. For the purpose of calculation you can ignore simply excess amounts.
The following eligibility criteria are mentioned below-
- There are various types of cases which are pending from 31st January, 2020.
- There is no time limit to file the appeal on 31st January, 2020.
- There are most of the cases against the dispute resolution panel.
- On the other hand, cases are being pended under section 264 of the income tax Act, 1961.
Steps to file an announcement under this Vivad Se Vishwas Scheme 2021:-
- First of all, you have to login to the IT portal.
- Then, you can tap on vivad se vishwas tab.
- After that, you will prepare and then you can submit the DTVSV Form.
- Now, you can choose the year and filing type.
- After this, you will fill the form 1 carefully.
- Then, you can fill form 2 for final submission.
- Now, you will attach all required documents with the file properly.
- You must file along with DSC or EVC carefully.
- On the other hand, the IT Department issued the form number 3 within 15 days after making the payment.
- The department officials issued the order for the next settlement.
In this piece of writing, you will get to know the details about Vivad se vishwas Scheme. This scheme will beneficial