CBDT issues 34 new FAQs on Vivad se Vishwas Act. Read Circular no. 21 of 2020
CBDT 34 new FAQs on Vivad se Vishwas
The Direct Tax Vivad se Vishwas Act, 2020 (Vivad se Vishwas Scheme) was enacted on 17th March, 2020.
The provisions of Vivad se Vishwas Scheme were amended by the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 to provide certain relaxations in view of the COVID-19 pandemic and also to empower the Central Government to notify certain dates.
The due date for payment without additional amount -under Vivad se Vishwas was extended from 31st December, 2020 to 31’st March, 2021 vide notification dated 271h October, 2020 . The last date for filing declaration under Vivad se Vishwas was also notified as 31st December, 2020.
Subsequently, the Central Board of Direct Taxes issued a circular no. 18/2020 dated 28th October, 2020 relaxing the time limit of 15 days prescribed in section 5(1) of Vivad se Vishwas for making payment of amount payable, as determined in a certificate issued by the Designated Authority.
The CBDT further issued circular no. 9/2020 dated 22nd April, 2020 issued clarifications in form of answers of 55 frequently asked questions (FAQs) on issues related to eligibility, computation of amount payable, procedure and consequences under Vivad se Vishwas.
In continuation of circular no. 9/2020 (which covered Q. no. 1-55) under section 10 and 11 of the Vivad se Vishwas, the CBDT has issued circular no. 21 of 2020 dated 4th December 2020 to provide answers to 34 more FAQs (Q. no. 56- 89).
Download CBDT Circular No. 21/2020 Click Here >>
- Prima facie satisfaction u/s 148 can not be a non-existing or incorrect information
- Mutual Funds to value physical Gold and Silver by using the polled spot prices
- SC allows simultaneous CIRP proceedings against principal debtor & corporate guarantor
- Merely because sales were declared for only one month, same cannot be treated as bogus
- ITAT deleted addition as method of accounting had been accepted in earlier years
