| Query | Is the scheme still available for settlement of order for demand issued in 2019/2020 |
| Answer | No scheme is not available . The scheme was ended on 31 st March 2021, however for the payment of tax the period was extended up to 30 th June 2021 (read more) |
Answers to queries on Vivad Se Vishwas Scheme
| Query | SIR I HAVE OPTED FOR VSV SCHEME AND FORM 5 HAS BEEN RECEIVED IN RESPECTED CASE AFTER THAT I HAVE RECIEVED THE NOTICE OF PENALTY PERCIDING 271(1)(C) WHAT TTO DO ? |
| Answer | The assessee should send a reply to the notice stating that the assessee has opted VSV Scheme for the year under consideration hence the penalty proceedings initiated may be dropped . The assessee also furnish the relevant documents along with reply . Please refer Circular No 9/2020 dt 22 -4 -20200, Q. No. 45 and… (read more) |
| Query | Company is in appeal pending with Hon ITAT for AY 08-09. In notice of demand u/s 156 AY was wrongly mentioned as AY 13-14. Company opted for VSV scheme and in form 1 and 2 AY wrongly mentioned as 13-14 in place of 08-09. The fact was communicated to DA thru various mails, however no communication and form 3 is still awaited.Query is |
| Answer | The assessee may have to wait for getting communication from the Designated Authority. It may be desirable to write one more letter to the Designated Authority . Designated Authority has to look in to substance of the transaction . The wrong mentioning of the Assessment year in the notice of demand is a curable defects… (read more) |
| Query | Sir, There is no provision to fill the refund details in Form 4. Only payment details can be filled. I have uploaded the withdrawal of all pending cases letter, but I can’t fill refund details. Please guide me how to fill and submit Form 4 to get Form 5 |
| Answer | There is no separate form for getting the refund . The assessee has to follow the normal procedure for getting the refund . The assessee has to write the tax paid details if more tax is paid under normal provision of the Act , the Assessing Officer concerned will issue the refund in due course… (read more) |
| Query | Sir I have received form 5 issued by cit.i have clear full n final desputed tax amount after deducted.but demand of interst shows on e filling site ie income tax site . It should be nill.how demand would be nill.and how much time it takes . After participating vivad se vishwas schme.? What should I do form 5 hard copy is submitted to Assessing officer or not.?? Department will do online.? |
| Answer | : It may be desirable to approach the Designated Authority . What ever tax in dispute payable by the Designate Authority may have to be paid . If there is calculation a mistake in the portal the assessee may file rectification application . (read more) |
| Query | assessee hide turnover and file return us 44AD at 8 percent. during assessment u/s 143(3) ito determined turnover based on bank statement and propose penalty u/s 270A and 271B of non submission of audit report. Penalty was not imposed during this period assessee file application under vived se vishwas which was approved and form no 5 issued. |
| Answer | Please refer CBDT Circular No 21 /2020 dt. 4 -12-2020 Question No 80 and Answer . Q.80. Whether appeal against penalties that are not related to quantum assessment like penalty u/s 271B 271BA , 271DA of the Act etc. are also waived upon settlement of appeal relating to ‘ disputed tax’ ? Answer : No… (read more) |
| Query | My client has opted for Vivad vishwas scheme and have completed all formalities and also obtained Form 3 i.e. A Certificate u/s.5(1) of Direct Tax VIVAD VISHWAS ACT,2020. Even then, Show cause notice for penalty U/s. 271(1)(c) seved on him |
| Answer | The show cause notice is bad in law after receipt of certificate . The assessee may write to the Assessing officer to drop the penalty proceedings as the issue is settled under VsV. Please refer Circular No 9/2020 dt 22 -4 -20200, Q. No. 45 and answer , it is specifically stated that As per… (read more) |
| Query | We filed an appeal against Penalty. We now received form 3 also. While making the payment, are we required to pay the as Penalty or Income Tax |
| Answer | The assessee has to refer as penalty. It will be regular assessment tax challan , with minor head 400 . Write properly the PAN NO and Assessment year . There is no separate Challan has been prescribed . (read more) |