Re: TDS default and amount of disputed tax on same

A ltd issued FCCB and they were redeemed at premium, which is treated as interest payable as per section 115AC and on same TDS is to be deducted. Company utilised premium in India and outside India. TDS was deducted on premium utilised in India and on other it was not deducted. For the purpose of VSV what shall be disputed tax? and how computation is to be done?

One of the condition for availing the  benefit of the scheme is  a  valid  appeal must be pending as on 31 -1 -2020 before the competent authority  .   If yes, the disputed tax amount against which appeal is made can be settled under VSVS. Once the appeal is settled  interest will be waived  and the assessee will get the immunity from penalty & prosecution. There is no evaluation of merits under the  VSVS   

 

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