Category: Others

The Finance Ministry has issued a press release in which it has detailed all of the several relief measures announced today relating to Statutory and Regulatory compliance matters across Sectors in view of COVID-19 outbreak

The Principal Chief Commissioner of Income-tax, Mumbai, has addressed a letter dated 22nd March 2020, requesting the CBDT to extend the due date of limitation under the Income-tax Act, 1961, in view of the disruption caused by the CoronaVirus

The AIFTP has announced that it will file a Writ Petition before the Hon’ble Delhi High Court to challenge the inaction of the Government in the matter of extending the due date of 31st March 2020 for making payment under the Vivad Se Vishwas Act. It is pointed out that as the Act was enacted on March 18, 2020 with less than 10 working days from the cut-off date, it is virtually impossible for taxpayers to receive a certificate under the VSV Act from the designated authority to make the payment in full and final settlement of tax disputes. This is not only unfair to the tax payers but also will defeat the intention and purpose of this legislation

The Income Tax Department has issued detailed instructions on how to fill up the declaration forms specified under The Direct Tax Vivad Se Vishwas Rules, 2020. A copy is available for download.

The AIFTP has addressed a letter dated 18th March 2020 to the Finance Minister in which it has requested for a three month extension of the due date for paying the disputed tax. It is pointed out inter alia that the spread of the Covid19 virus has adversely affected the morale of the taxpayers and their financial ability to make payment

The Ministry of Finance has vide Notification dated 18th March 2020 notified the Direct Tax Vivad Se Vishwas Rules, 2020 and the Form for filing declaration. A copy is available for download

The Direct Tax Vivad se Vishwas Act, 2020 received the assent of the President on the 17th March, 2020 and is now available for download

The CBDT has vide Circular No.7/2020 dated 4th March, 2020 provided clarification on a number of controversial issues relating to the Direct Tax Vivad se Vishwas Bill, 2020

Leading legal experts like Justice R. V. Easwar (Retd), Shri Arvind Datar and others have expressed strong reservations with regard to the new rules formulated by the Government for the appointment of Members of various Tribunals, including the ITAT. The experts have opined that the rules violate the law laid down by the Supreme Court with regard to maintaining the integrity and independence of the ITAT. They has also pointed that the short tenure of appointment will discourage good professionals from joining the ITAT

The CBDT has released the official amendments to the Direct Tax Vivad se Vishwas Bill, 2020, a copy of which is available for download