Re: tax payable by Corporate assessee under VsV Scheme
A corporate assessee wants to opt VsV Scheme.
In its case, certain additions were made in income and certain additions were made in Book Profit.
Finally, tax was charged u/s 115JB being higher than the tax under normal provisions of the Act.
On dismissal of its first appeal, second appeal filed by the assessee is spending before ITAT.
Question
1. on opting Vsv Scheme, whether the assessee has to pay tax on the additions made to normal income plus tax on the additions made in Book Profit.
Thanks Sir
It may not be desirable for the assessee to opting for VSV Scheme. Thee assessee has to pay the tax on the amount disputed in the appeal before the Appellate Tribunal . By opting the VSV Scheme the assessee may get the immunity for penalty and interests , however the assessee is liable to pay the tax as per the u/s 115JB of the Act . The assessee may also write to the Board for further clarification .
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