Answers to queries on Vivad Se Vishwas Scheme
| Query | An assessee received notice u/s 153C dated 10.07.2021 for seven assessment years i.e. 2013-14 to 2019-20. Whether the notice is valid keeping in view the finance act 2021. please guide what to do. Whether the assessee should file return of income or not. |
| Answer | We presume that the notice is issued in respect of search initiated u/s 132 or books of account , other documents or any assets requisitioned under section 132A on or before Ist April n, 2021 . The notice can be issued for six assessment years immediately preceding the assessment year relevant to the previous year… (read more) |
| Query | While filing form 1 there has been an error of reporting refund claim reduced in Assesment in Part E(ii) instead of part E(iv). |
| Answer | Designated Authority has the power to rectify , you may make an application . Please refer CBDT Circular No .21/2020 dt.4 -12-2020 , Q. 89 and answer given by CBDT . Ans. Yes , declaration can be revised any number of times before DA issues a certificate under section 5(1)) of Vivad se Vishwas. In… (read more) |
| Query | Sir, I had filed the appeal 384 DELAY before the CIT (A). My appeal was pending defore the appellate authority when I applied for VSV for disposal of my disputed demand. I had applied under scheme , deposited the demanded tax along with withdraw of appeal request and department has issued me form 5. Today I have received an email from NFAC with notice that “DELAY IS NOT ALLOWED” Please suggest what should I do ? |
| Answer | The assessee may have to file writ before the High Court . One has to verify whether the assessee has filed an application for condonation of delay along with the appeal . Please Refer Circular No 21 dt 4 -12 -2-2020 , Q. No 59 and answer Given by the CBDT on the issue of… (read more) |
| Query | I had filed form 1 and 2 under the scheme vivad se vishwas on 19th Oct 2020 and case was approved and payment was requested to be paid before the due date. The payment was made on 16th April 2021 and form 4 was also submitted along with the payment acknowledgment. Till date of query I’m still awaiting for form 5 from CIT. |
| Answer | The Appellant will get the form No 5 in due course of time . As regards pendency of appeal before CIT (A) is concerned it will be treated as deemed to be withdrawn . Please refer Circular No 9 dt 22-4 2020 , Q. no 43 and answer given by CBDT Ans.: Under the amended… (read more) |
| Query | sir, |
| Answer | Section 115A of the Income-tax Act, 1961 (Act) pertains to “Tax on income of Foreign Institutional Investors from securities or capital gains arising from their transfer” which is not the case of the assessee as the assessee is an individual. Section 112A of the Act pertains to “Tax on long-term capital gains in certain cases” which… (read more) |
| Query | sir, form 1 & 2 filed with 50% of disputed tax shown as payable. form 3 issued with 50% disputed tax plus proportionate interest allowed earlier u/s 244A. is it correct. please clarify. |
| Answer | If he revenue has paid the excess interest based on the intimation , the revenue will be justified in demanding the excess interests paid by them, however the Act is silent on the issue . The assessee has no remedy than filing the writ before High Court , however it is not desirable . … (read more) |
| Query | Sir I had filled the form in Vivad se Vishwas, its approval came form-3 I did not download it at that time now how can I download it from the new Income Tax portal |
| Answer | The assessee should down load the form . In case any difficulty the assessee may contact the Designated Authority . (read more) |
| Query | For Assessment Year 2020-21 ( FY 2019-20), I have filed ITR. Under section 80ccd(2) I have put wrong details i.e. instead of Rs. 190000 put Rs. 135000. Can I file request for rectification under 154(1)? |
| Answer | The assesee can file an application for rectification of mistake . It is the duty of the Assessing Officer to rectify the mistake and grant the relief as per the law . Article. 265 of the Constitution of India states that “No tax shall be levied or collected except by authority of law“. The collection… (read more) |
| Query | While submitting Form 4 on new portal error is Submission Failed – No response received from Server |
| Answer | We have been informed by many Tax professionals that they are not getting the response from New portal as regards DTVSV. Please write to Designated Authority .You may also email in detail the problem relating to New Portal to Shri S.R Wadhwa , Chairman Representation Committee of the All India Federation of Tax Practioners (AIFTP… (read more) |