Dear Sir,
AY 2014-15 Returned Income
Normal Tax NIL
MAT Tax 100
Returned MAT Credit 100
Assessed Income
Normal Tax 20
MAT Tax 100
Asssesed MAT Credit 80

Question 1: Can I pay 20 and carry forward Rs.100?

AY 2015-16 Returned Income
Normal Tax 60
MAT Tax 20
Utilized MAT Credit 40 out of 100 and paid 20 Remaining Credit of AY14-15 60 (100-40)
Assessed Income
Normal Tax 80
MAT Tax 20
Utilized MAT Credit 60 out of 100 and paid 20 Remaining Credit Rs. 20 (80-60)

Question 2. if question 1 is yes, Can I pay differential tax of 20 and carry forward is Rs. 60?

Form 3 has not been issued by Designated Authority within 15 days from the day of submitting Form 1 & Form 2. What should I do?

WE HAVE A CASE WHERE ASSESSMENT ORDER WAS PASSED AFTER MAKING 2 ADDITIONS.OUT OF THE TWO ADDITIONS WE HAVE FILED APPEAL WITH CIT AGAINST ONLY 1 ADDITION.HOWEVER WE HAVE PAID TAX AS PER NOTICE OF DEMAND OF THE ASSESSMENT ORDER WHICH COVERED TAX AND INTEREST U/S 234B AND C FOR BOTH THE ADDITIONS MADE.SO NOW WHILE FILING FORM 1 OF VSVS HOW DO I CALCULATE AMOUNT OF DISPUTED TAX ,INTEREST AND REFUND.
TOTAL INCOME AS PER RETURN FILED -RS.475598
ADDITION 1(UNDISPUTED AGAINST WHICH NO APPEAL FILED)-RS 172180
ADDITION 2(DISPUTED AGAINST WHICH APPEAL FILED)-RS 22662623
INTEREST 234B -5694824
TAX AS PER NOTICE OF DEMAND- 12720224
WE HAVE PAID ENTIRE RS 12720224/- .KINDLY GUIDE US WHAT WILL BE THE AMOUNT OF REFUND

Taxpayer files declaration under VSV for a matter under appeal before ITAT with an amount payable say INR 15 lakhs. The designated authority while issuing certificate under section 5(1) of the Act, determines the amount payable as INR 20 lakhs. Taxpayer would not like to settle the dispute at INR 20 lakhs.

Query: Section 4(2) deems the ITAT appeal to be withdrawn from the date when certificate is issued under section 5(1). In this case what would be the recourse to the taxpayer wrt to such deemed withdrawal of appeal since he shall not settle the dispute under VSV?

Assessee files Return declaring total income of Rs. 35 Lacs. Addition made by AO by enhancing valuation of stock by 25 lacs.
Assessee gets 100% relief before CIT appeals.
Department files appeal before ITAT which is still pending.
If assessee pays the 50% of tax as stipulated in the scheme and ask the department to withdraw the appeal.
After withdrawal of appeal by the department whether addition will be deemed sustained or returned income will be restored.

One search case which was not eligible for VSVS in January as the demand in dispute was more than 5 cr. Last month CIT appeal order has come and now dispute is less than 5 cr. So as on announcement date of scheme the case was not eligible. Now if the criteria remains the same the assessee is eligible.
If he files the VSVS application, will he get the certificate from PCIT?

My case is the non search case then also i am getting the query of

“Please enter the amount payable under DTVSV on or before 31.12.2020 in search case of Schedule AI”

“Please enter the amount payable under DTVSV after 31.12.2020 in search case of Schedule AI”

what to do, kindly help me out

We have uploaded Form 4 after we have received form 3 showing refund amount and we have withdrawn CIT Appeal and received order under section 250 from CIT now the query arise as we have received signed copy from CIT 3 showing refund in June but due to panemadic we uploaded form 4 in September withdrawing CIT Appeal but not yet received form 5 will their be any problem

Sale Deed of property was executed suppose in Jan 2017. Payments were made by six cheques dated 07.01.2017, 07.02.2017, 07.03.2017, 07.04.2017, 07.05.2017, 07.06.2017. All the details of cheques were mentioned in Sale Deed. The property was purchased long time back. It is a case of long term capital gain. My query is whether the sale will be considered in F.Y. 2016-17 (AY 2017-18) or in F.Y. 2017-18 (AY 2018-19). As the last cheque was encashed in F.Y. 2017-18 so capital gain should be considered in A.Y. 2018-19.

Please Clarify

Under what section of the VSV act is tax payer not allowed to file VSV if his pending appeal at the specified date has now be ruled in merit against him.

What is the legal view in law. I think there is a loophole created by covid as VSV filings have been extended.