| Query | I filed form 1 calculating the tax payable under section 3 more of what actually payable by mistake.the department has issued form 5.Can I rectify the order now? |
| Answer | Please refer Circular No 21 /2020 dt 4-12 ,2020 , as per Q.No 89 Ans ,it has been stated that the declaration can be revised any number of times before DA issues a certificate under section 5(1) of the Vivad Se Vishawas. . On the facts the certificate is already issued by the DA . It is the Authority which has issued the certificate can rectify the certificate and issue a fresh Certificate . It is desirable for the assessee to make an rectification application and pray for issue of a fresh certificate . In case no response is received the assessee may have to approach High Court by filing writ petition .
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| Query | The assessee got partial relief in cit(A) . On 30.01 .2020 , both Department and assessee went to appeal. Later on in nov. 2020 bother the appeals were dismissed by itat. Now the assessee has filed vsvs on the issue sustained by cit(appeal). My opinion is that the assessee should have filed vsvs on both the issues sustained/deleted because on 30.01.2020 , the both the issues were disputed before ITAT. |
| Answer | Please refer Circular No 21 / 2020 dt 4-12 -2020 , Q.No. 56 and answer . As per the benefit given in the Circular if the appeal has been disposed of by the appellate Authority can also avail the benefit of the Scheme . On the facts of the case two appeals were pending before the Appellate Tribunal and both the appeals are dismissed . According to us the assessee can avail the benefit of the scheme in respect of appeal filed by the assessee. As regards the dismissal of appeal of the revenue , the revenue has the liberty to approach the High Court , subject to monetary limit prescribed under the Act. According to us the assessee may avail the benefit of the scheme in respect the appeal of the assessee which was dismissed by the Appellate Tribunal .
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| Query | How to withrwal online appeal |
| Answer | The assesseee should write to the Concerned CIT (A) where the appeal is filed after getting the certificate from the Designated Authority . The concerned CIT (A) will pass the consequential order . |
| Query | As per VsV Scheme a person in whose case time limit to file appeal has not expired on 31/1/2020 is eligible to opt for the scheme. |
| Answer | Assessee has deemed appeal pending on the specified date, thus assessee will be eligible under VSVA. Please refer Ans to Q.No 1 Clarification issued by Board F.NO IT (A) /2020 -TPL Circular No 9/2020 dt 22 -04 -2020 . For availing the benefit of the Scheme it is not required to file an appeal . However , if for any reason the application is rejected , the assessee may have to file an appeal before the Competent Authority with condonation of delay . Hence it may be desirable to file an appeal .
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| Query | As per my 26as, there was an amount of 66,50,000 with a TDS Deduction of Rs 3,50,000/- under section 194D. Can I offer my Income under 44AD now? |
| Answer | Section 44AD is applicable to eligible business as per Explanation (b) and eligible assessee as per (a) . S. 44AD (6 ) deals with the exceptions . An Insurance Agent cannot adopt the presumptive taxation Scheme. A person whose turnover or gross receipts exceeds Rs 2 Crore is not eligible to adopt the benefit of S. 44AD of the Act. The Scheme has no relevance to the tax deducted at source as per 26AS . On the facts it seems the assessee is an Insurance Agent who is getting the commission , hence he is not eligible to adopt the presumptive taxation scheme of Section 44AD of the Act.
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| Query | I went for VIVAD SE BISWAS SCHEME for my long lasting appeal before CIT(A) AND got Certificate no.5 after paying demanded tax set BY THE HONOURABLE PRINCIPAL CIT.I WITHDRAW MY APPEAL AND ALSO GOT ORDER U/S 250.MY QUERY: IS DEMAND AGAINST ME IS OVER OR I HAVE TO PAY FINE AND PENALTY? THANKS IN ADVANCE DIR. |
| Answer | Interest and penalty will be waived . Section 6 of The Direct Tax Vivad Se Vishwas Act , 2000 grants immunity from penalty as well as interest. If penalty is initiated the same will be dropped . It is the duty of the Assesssing Officer to pass the consequential order . |
| Query | When I filed the form and form 3 is received from the IT Department which does not contain the actual amount of refund adjusted by the department , even though I have correctly mentioned it in the declaration filed, is there any way to correct it ?? |
| Answer | Assseessee may file an application for rectification application before the designated Authority . They have the power to rectify the mistake . If no action Is taken by the Designated Authority , the Assessee may have to file Writ petition before High Court .
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| Query | When assessment is pending before ITAT and if opted for VSV scheme, whether interest raised under 220 is also exempted? |
| Answer | Interest will be waived . Section 6 of The Direct Tax Vivad Se Vishwas Act , 2000 grants immunity from penalty as well as interest. |
| Query | I have submitted FORM 1 and 2 under Vivad se Vishwas Scheme for which i have received Form 3 on 23/12/2020. I want to know the time till which i have to file Form 4 Moreover, Govt has released notification on 27/10/2020 increasing the time limit to make payment till 31/03/2021 So altogether read with notification please suggest me the time till when i can file Form 4 |
| Answer | It is desirable to file the form at the earliest , however tax can be paid on or before 31 0-03 -2021. As per CBDT Circular No 18 of 2020 dt 28 -10 -2020 the Cut -off date for beneficial payment under the VSV Act , 2020 is extended up to 31 -3-2021 |
| Query | If an assessee has been imposed interest on refund that under section 234D, can he get this amount waived if he adopts dtvsv scheme? |
| Answer | Please refer S. 234D (2) which says that where as a result of an order u/s 154 or 155 or 250 or 254 or 260 or 262 or 263 or 264 etc is passed the amount of refund granted under Sub section 143(1) is held to be correctly allowed, either in whole or in part as the case may be then interest chargeable, if any, under section sub -section (1) shall be reduced accordingly. Accordingly, once the issue is settled under VSV Scheme, the AO has to pass consequential order reducing the interest.
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