The Income-tax Department has stated that under the Vivad Se Vishwas Scheme, 45,855 declarations have been filed in Form-1 upto 17th November,2020. Disputes amounting to about Rs. 1,31,929 crore have been settled & total amount of about Rs. 72,480 crore has been paid by taxpayers & CPSUs under the Scheme till date

itatonline.org had requested a panel of experts to answers to queries arising on Vivad Se Viswas Scheme to assist the tax consultants and tax payers. The forum received more than 300 queries which have been answered by the panel of experts consisting of Dr. K. Shivaram, Senior Advocate, CA. Rajan Vora and CA Pradeep Kapasi. For the benefit of the Tax professionals and tax payers, the important queries and answers in a tabular from.

Honourable Prime Minster of India, Shri Narendra Modi paid rich Tribute to Income tax Appellate Tribunal for rendering “Nispaksh Sulabh Satvar Nyay” to the stake holders. He stated that the motto and vision of the Government is “Reform, Perform and Transform” – Tax system in India. Vision of virtual hearing of ITAT being a new normal, this will save the tax payers money, time and energy. Litigations will also be effective and efficient. Law & Order is the energy that will drive to achieve an Atma Nirbhar Bharat

A function will be held for Inauguration of the office-cum-residential building complex of Cuttack bench of ITAT by Hon’ble Prime Minister Shri Narendra Modi Ji on Wednesday, 11th November at 4.30 pm. The same would be held through the mode of Video Conferencing

The Ministry of Finance has issued a press release dated 24th October 2020 stating that in view of constraints being faced by taxpayers due to COVID-19, the due dates for various compliances for FY 2019-20 has been extended

The Finance Ministry and the CBDT, which had earlier shown a spark of efficiency and pro-activeness, appear to have gone back to their usual ways of turning a blind eye, and maintaining an indifferent attitude, to matters concerning taxpayers. Though the deadline for filing the Tax Audit Report and Income Tax Return for the Assessment year 2020-21 is fast approaching and the Country is still under severe stress due to Covid-19, the authorities have not yet issued any extension order. Naturally, this sorry state of affairs has aroused the ire of leading professional associations like The Chamber of Tax Consultants and The Rajasthan Tax Consultants

The AIFTP and other leading professional organizations have issued a publication containing 151 land Mark judgements of the Hon’ble Supreme Court of India. The judgements cover Direct taxes, Indirect taxes and Allied laws. A pdf copy of the publication is available for download

The CBDT has vide Circular No. 17 of 2020 dated 29th September, 2020 issued Guidelines under section 194-0 (4) and section 206C (1-1) of the Income-tax Act, 1961

The Companies (Amendment) Act, 2020 received the assent of the President on the 28th September, 2020 and is now available for download.

The CBDT has issued a Press Release dated 26th September 2020 stating that there is no requirement of scrip wise reporting for day trading and short-term sale or purchase of listed shares