What is DTVSV form? and Vivad Se Vishwas Scheme 2020

Vivad se Vishwas Scheme 2020 introduces by the Government of India to settle pending direct tax disputes and litigation. The benefit of the Scheme is likely to be available until 30 June 2020.

As per the scheme income tax disputes settled under it cannot be reopened in any other proceeding by the income tax department or any other designated authority.

What is DTVSV Form?

DTVSV Form stands to the “Direct Tax Vivad se Vishwas Form” it is an Online form for and available at https://www.incometaxindiaefiling.gov.in you can file it online through Income Tax Website.

Objectives of Vivad Se Vishwas Scheme 2020
  • Reduce income tax pending litigation
  • Generate timely revenues for the Government
  • Help taxpayers end their tax disputes with the department by paying disputed tax and
  • Get waivers from payment of interest and penalty
  • Also get immunity from prosecution
Direct Tax Vivad Se Vishwas Bill 2020
  • Bill was introduced in the Parliament on 5th Feb, 2020.
  • Subsequently, representations were received from the stakeholders regarding various provisions of the Bill.
  • Accordingly, certain clauses of the Bill have been proposed to be amended to widen the scope of Bill & ease the compliance burden on the part of tax-payer.
  • Currently the DTVSV Act 2020 has been passed by Parliament.
Eligibility of scheme
  • Appeals, writs, SLPs, arbitration (filed by Department or taxpayer) filed on or before 31 Jan 2020.
  • Orders for which time for filing appeal has not expired on 31 Jan 2020.
  • Pending Cases before the Dispute Resolution Panel (DRP).
  • Cases where DRP issued direction on or before 31 Jan 2020 but the order has not yet been passed.
  • Cases where assessee filed a revision application under section 264 on or before 31 Jan 2020.
  • Dispute, where payment has already been made, shall also be eligible.
  • The pending appeal, writ, SLP, arbitration could be against-
    • Disputed tax (including interest or penalty on such disputed tax) in relation to an assessment or reassessment order
    • Disputed interest, disputed penalty, or disputed fees where there is no disputed tax.
  • The Disputed tax can also include the tax determined on default in respect of tax deducted at source (TDS) or tax collected at source (TCS).
  • Disputed tax shall include tax on enhancement notice
Payment Terms:-
Payment made on or before31st March 2020
End date 30th June 2020
Appeal, writ, SLP, arbitration
relates to disputed tax
100% of the disputed tax
(125% in search cases)
[waiver of interest & penalty ]
110% of the disputed tax (135%
in search cases) [waiver of
interest & penalty ]
Appeal, writ, SLP, arbitration
relates only to disputed penalty or interest or fee
25% of the disputed penalty or
interest or fee
30% of the disputed penalty or
interest or fee

Note:- If an issue in taxpayer’s pending appeal already decided in favor of taxpayer by higher appellate
forum or if the Department has filed an appeal, the amount payable is 50% of aforesaid amounts
.

What is to be Excluded?
  • Search cases if disputed tax in a year is more than Rs.5 crore.
  • Pending Cases where the prosecution has been initiated by the department under the Income-tax Act or under the Indian Penal Code.
  • Cases involving undisclosed foreign income and assets.
  • Cases completed on the basis of information received from a foreign jurisdiction.
  • Pending Cases where the person is notified under Special Courts(Trial of Offences Relating to Transactions in Securities) Act, 1992 or detained under Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974.
  • Cases covered under Narcotic Drugs and Psychotropic Substances Act, Unlawful Activities (Prevention) Act, Prevention of Corruption Act, Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, Prevention of Money Laundering Act, Prohibition of Benami Property Transactions Act.

FAQ

You can Read all FAQ on Vivad se Vishwas Scheme Here :- FAQ PDF Download

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