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1 | Where can I see my financial transaction reported to Income Tax Department by Sources/Reporting Entities? | The financial transactions gathered by Income Tax Department are about your receipts which attract TDS/TCS, immovable property purchase or sale, bank deposits, investment in shares/mutual funds, time deposits etc. All these transactions can be viewed by you in the AIS portal of your income tax account for FY 2020-21 on... |
2 | What should I do if I find a transaction which is incorrectly recorded or which does not pertain to me? | As detailed above, once you are viewing information under AIS, click on a specific information. Once the information details are seen, on the right side is a feedback button by using which taxpayer can provide feedback from the menu options available. |
3 | What happens after I raise my objection to any transaction reported in AIS? | Income Tax Department will in the next 3-4 months initiate a process of contacting the Source/Reporting Entity which reported the information/transaction and will seek confirmation about the correctness of the data.
Once this process is rolled out then:
i. If the Source/Reporting Entity agrees that there has been... |
4 | What is the e-Verification Scheme, 2021? | i. When a financial transaction reported by a Source/Reporting Entity is not considered/included by you while filing your Return of Income, a computerized process of identification of such mismatch is undertaken.
ii. A communication is sent to the Source/Reporting Entity seeking confirmation of the transaction/data ... |
5 | What is the usefulness of the e-Verification Scheme, 2021? | Various steps have been taken to facilitate voluntary compliance. Sharing of information through AIS and pre-filling of return of income being the most recent. The e-Verification Scheme is another such step. It will help:
• Correct inaccuracy in data/information provided by Source/Reporting Entity
• To inform the... |
6 | Is the e-Verification Scheme same as e-Verification of return? | After filing the income tax return (ITR), you need to verify it to complete the return filing process. Without verification within the stipulated time, an ITR is treated as invalid. e-Verification is the most convenient and instant way to verify your ITR. You can e- Verify your return online using OTP on mobile number ... |
7 | Where do I see the notice u/s133(6) issued to me seeking my explanation on a transaction not included by me in the Return of Income? How do I file my response to the notice u/s 133(6) issued under the e-Verification Scheme, 2021?
| The notice u/s 133(6) issued under the e-Verification Scheme will be visible to you in the Compliance Portal (accessible through https://eportal.incometax.gov.in). Normally you will also be alerted through an SMS on your registered mobile phone and will also receive it on your registered email address. The steps involv... |
8 | At the time of responding to the notice of e-Verification, after log in, nothing appears and only a blank screen page opens up. What should I do?
| Please enable the ‘pop ups’ from ‘Privacy and Security’ settings in Google chrome, Firefox, etc. |
9 | How do I know that notice under e-Verification has been issued to me?
| The Income Tax Department will send a notice u/s 133(6) of the Income Tax Act, 1961.
This will be visible on your e-filing portal account on incometax.gov.in. The notice is also emailed to the latest email address submitted to the Income Tax Department while filing the return of income. You will also receive SMS on... |
10 | What do I do in case I am having difficulty in accessing the Compliance Portal for viewing notices or submitting responses? | You may log your complaint at the helpdesk for the “Compliance” portal by calling 18001034215. Please note that helpline number is unique for each portal. Please use helpline for Compliance Portal for redressal of difficulties. |
11 | How does the taxpayer verify the genuineness of the notice received?
| Very soon a facility will be provided for verification of the genuineness of the notice from the DIN mentioned in the notice. The taxpayer will be enabled to verify the DIN from the e-portal and see if the notice is genuine by clicking on the Authenticate Notice/Order Issued by ITD link in the Quick Linkssection found ... |
12 | While responding to the notice issued u/s.133(6) of the Income-tax Act in the Compliance portal, the system/portal is not accepting the attachments of size above 10 MB. How to submit such large documents?
| With each response, 10 documents of size 10MB each can be uploaded as attachments. Large documents which are to be attached can be split into documents of less than 10 MB parts and can be attached and uploaded.
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13 | What happens if my explanation is found to be satisfactory?
| A communication is sent to taxpayer informing that “No further clarification on the issue under verification proceedings is presently required from you”. However, this could change if any additional evidence/information comes to the knowledge of Income Tax Department subsequently.
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14 | What happens if the explanation is not found satisfactory?
| If the explanation is not found satisfactory, the e-Verification proceedings will be concluded with a communication to the taxpayer informing: “The explanation is not found sufficient to explain the mismatch in the specific information and the taxpayer may consider updating the return of income u/s 139(8A) of the Act, ... |
15 | What can I do if I realize that I have missed a transaction while calculating my income in the Return of Income already filed by me?
| You may consider Updating your Return of Income under Section 139(8A)) of the I.T. Act, 1961, if eligible, by paying tax on the missed income along with additional tax to avoid further proceedings in the form of assessment/re-assessment which could lead to tax demand and penalty. |
16 | Can I respond to the notice u/s133(6) of the I.T. Act, 1961 that I have updated my return of income by paying additional tax on the transaction being e-verified by Income Tax Department?
| Yes. This should be explicitly stated in the response. The updated return of Income will be verified with the information and an appropriate decision will be taken by the Income Tax Department. |
17 | Do I need to pay any penalty while updating my return?
| No, there is no penalty as such. However, you have to pay an additional tax of 25% in the first year and 50% in the second year while updating your return. |
18 | Is it possible for me to have a physical hearing with the officer? | This scheme does not allow for any physical hearing by the Prescribed Authority. You are requested to file your reply online through the portal. In case of any query or clarification the Prescribed Authority will communicate through the portal and give you adequate opportunity to clarify along with supporting documents... |
19 | Why should I update my return? | The Income Tax Department is giving you an opportunity to pay tax on the income that was not shown by you in your return but about which the Income Tax Department had received information. In the event of you not availing this opportunity to pay tax on such income and update your return, the Income Tax Department may, ... |
20 | What is updated return and its utility to the taxpayer?
| Finance Bill 2022 has inserted a new section, section 139(8A) in Income Tax Act. This new section provides for filing of ‘Updated Return’ by the taxpayers. The taxpayer can file an updated return within two years from the end of the relevant Assessment Year. So during the current financial year 2022-23, taxpayers can ... |
21 | How is the e-Verification Scheme different from scrutiny assessments/reassessments? | This is primarily a preliminary verification based on the information received by the IT Dept from various reporting entities. No order is required to be passed in this case because this is not a notice for assessment or reassessment. This is only for verification. Once information is verified as correctly reflected in... |
22 | What should the taxpayer do if information provided by the Income Tax Department is not correct? | What should I do if the duplicate entries are there in notice received by me under the e-Verification Scheme? | If you go through the notice and find that the information as mentioned in the notice does not belong to you or is a duplicate entry or is incorrect (fully or partially), you should clearly state the same in the response filed on Insight and provide supporting evidence for the same, where applicable. The Income Tax Dep... |
23 | What if you agree to the mismatch between return of income and information explained to you in the notice u/s 133(6) of the IT Act, 1961, under e-Verification Scheme?
| The taxpayer can update his ITR under section 139(8A) of the Act, and pay the additional taxes. A response can be submitted that the mismatch is accepted and ITR has been updated or will be updated. |
24 | What are the possible reasons for difficulties faced in filling responses to the notice u/s 133(6) of the IT Act, 1961? | Common reasons:
• Response of Taxpayer is to be submitted on compliance portal which is accessible via e-filing portal(www.incometax.gov.in). Other portals of Income Tax Department are for other specified compliances and will not accept responses to notice under e-Verification Scheme.
• Web browser used by the ta... |
25 | Which appeals are covered under the Vivad se Vishwas?
| Appeals pending before the appellate forum [Commissioner (Appeals), Income Tax Appellate Tribunal (1TAT), High Court or Supreme Court], and writ petitions pending before High Court (HC) or Supreme Court (SC) or special leave petitions (SLPs) pending before SC as on the 31st day of January, 2020 (specified date) are c... |
26 | If there is no appeal pending but the case is pending in arbitration, will the taxpayer be eligible to apply under Vivad se Vishwas? If yes what will be the disputed tax?
| An assessee whose case is pending in arbitration is eligible to apply for settlement under Vivad se Vishwas even if no appeal is pending. In such case assessee should fill the relevant details applicable in his case in the declaration form. The disputed tax in this case would be the tax (including surcharge and cess) o... |
27 | Whether Vivad se Vishwas can be availed for proceedings pending before Authority of Advance Ruling (AAR)? If a writ is pending against order passed by AAR in a HC will that case be covered and how disputed tax to be calculated? | Vivad se Vishwas is not available for disputes pending before AAR. However, if the order passed by AAR has determined the total income of an assessment year and writ against such order is pending in HC, the appellant would be eligible to apply for the Vivad se Vishwas. The disputed tax in that case shall be calculate... |
28 | An appeal has been filed against the interest levied on assessed tax; however, there is no dispute against the amount of assessed tax. Can the benefit of the Vivad se Vishwas be availed?
| Declarations covering disputed interest (where there is no dispute on tax corresponding to such interest) are eligible under Vivad se Vishwas. It may be clarified that if there is a dispute on tax amount, and a declaration is filed for the disputed tax, the full amount of interest levied or leviable related to the disp... |
29 | What if the disputed demand including interest has been paid by the appellant while being in appeal? | Appeals in which appellant has already paid the disputed demand either partly or fully are also covered. If the amount of tax paid is more than amount payable under Vivad se Vishwas, the appellant will be entitled to refund without interest under section 244A of the Act.
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30 | Can the benefit of the Vivad se Vishwas be availed, if a search and seizure action by the Income-tax Department has been initiated against a taxpayer? | Case where the tax arrears relate to an assessment made under section 143(3) or section 144 or section 153A or section 153C of the Act on the basis of search initiated under section 132 or section 132A of the Act are excluded if the amount of disputed tax exceeds five crore rupees in that assessment year.
Thus, if ... |
31 | If assessment has been set aside for giving proper opportunity to an assessee on the additions carried out by the AO. Can he avail the Vivad se Vishwas with respect to such additions? | If an appellate authority has set aside an order (except where assessment is cancelled with a direction that assessment is to be framed de novo) to the file of the AO for giving proper opportunity or to carry out fresh examination of the issue with specific direction, the assessee would be eligible to avail Vivad se Vi... |
32 | Imagine a case where an appellant desires to settle concealment penalty appeal pending before CIT(A), while continuing to litigate quantum appeal that has travelled to higher appellate forum. Considering these are two independent and ....... read more | If both quantum appeal covering disputed tax and appeal against penalty levied on such disputed tax for an assessment year are pending, the declarant is required to file a declaration form giving details of both disputed tax appeal and penalty appeal. However, he would be required to pay relevant percentage of dispute... |
33 | Is there any necessity that to qualify under the Vivad se Vishwas, the appellant should have tax demand in arrears as on the date of filing declaration? | Vivad se Vishwas can be availed by the appellant irrespective of whether the tax arrears have been paid either partly or fully or are outstanding. |
34 | Whether 234E and 234F appeals are covered? | If appeal has been filed against imposition of fees under section 234E or 234F of the Act, the appellant would be eligible to file declaration for disputed fee and amount payable under Vivad se Vishwas shall be 25% or 30% of the disputed fee, as the case may be.
If the fee imposed under section 234E or 234F pert... |
35 | In case where disputed tax contains qualifying tax arrears as also non-qualifying tax arrears (such as, tax arrears relating to assessment made in respect of undisclosed foreign income): (i) Whether assessee is eligible ....... read more | If the tax arrears include tax on issues that are excluded from the Vivad se Vishwas, such cases are not eligible to file declaration under Vivad se Vishwas, There is no provision under Vivad se Vishwas to settle part of a pending dispute in relation to an appeal or writ or SLP for an assessment year. For one pending... |
36 | If a writ has been filed against a notice issued under section 148 of the Act and no assessment order has been passed consequent to that section 148 notice, will such case be eligible to file declaration under Vivad se Vishwas? | The assessee would not be eligible for Vivad se Vishwas as there is no determination of income against the said notice. |
37 | With respect to interest under section 234A, 234B or 234C, there is no appeal but the assessee has filed waiver application before the competent authority which is pending as on 31st Jan. 2020? Will such cases be covered under Vivad se Vishwas?
| null |
38 | Whether assessee can avail of the Vivad se Vishwas for some of the issues and not accept other issues?
| Picking and choosing issues for settlement of an appeal is not allowed. With respect to one order, the appellant must chose to settle all issues and then only he would be eligible to file declaration. |
39 | Will delay in deposit of TDS/TCS be also covered under Vivad se Vishwas? | The disputed tax includes tax related to tax deducted at source (TDS) and tax collection at source (TCS) which are disputed and pending in appeal. However, if there is no dispute related to TDS or TCS and there is delay in depositing such TDS/TCS, then the dispute pending in appeal related to interest levied due to suc... |
40 | Are cases pending before DRP covered? What if the assessee has not filed objections with DRP and the AO has not yet passed the final order? | Yes, a person who has filed his objections before the DRP under section 144C of the Act and the DRP has not issued any direction on or before the specified date as well as a person in whose case the DRP has issued directions but the AO has not passed the final assessment order on or before the specified date, is eli... |
41 | If CIT (Appeals) has given an enhancement notice, can the appellant avail the Vivad se Vishwas after including proposed enhanced income in the total assessed income? | The amendment proposed in the Vivad se Vishwas allows the declaration even in cases where CIT (Appeals) has issued enhancement notice on or before 31st January, 2020. However, the disputed tax in such cases shall be increased by the amount of tax pertaining to issues for which notice of enhancement has been issued. |
42 | Are disputes relating to wealth tax, security transaction tax, commodity transaction tax and equalisation levy covered? | No. Only disputes relating to income-tax are covered. |
43 | The assessment order under section 143(3) of the Act was passed in the case of an assessee for the assessment year 2015-16. The said assessment order is pending with ITAT. Subsequently another order under section 147/143(3) ....... read more | The appellant in this case has an option to settle either of the two appeals or both appeals for the same assessment year. If he decides to settle both appeals then he has to file only one declaration in Form No 1. The disputed tax in this case would be the aggregate amount of disputed tax in both appeals. |
44 | In a case there is no disputed tax. However, there is appeal for disputed penalty which has been disposed off by CIT (Appeals) on 5th January 2020. Time to file appeal in ITAT against the order of Commissioner (Appeals) ....... read more | Yes, the appellant in this case would also be eligible to avail the benefit of Vivad se Vishwas. In this case, the terms of availing Vivad se Vishwas in ease of disputed penalty/interest/fee are similar to terms in case of disputed tax. Thus, if the time to file appeal has not expired as on specified date, the appellan... |
45 | In a case ITAT has quashed the assessment order based on luck of jurisdiction by the AO. The department has filed an appeal in HC which is pending. Is the assessee eligible to settle this dispute under Vivad se Vishwas ....... read more | The assessee in this case is eligible to settle the department appeal in HC. The amount payable shall be calculated at half rate of 100%, 110%, 125% or 135%, as the case may be, on the disputed tax that would be restored if the department was to win the appeal in HC. |
46 | In the case of an assessee prosecution has been instituted and is pending in court. Is assessee eligible for the Vivad se Vishwas? Further, where the prosecution has not been instituted but the notice has been issued....... read more | Where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligible to file declaration under Vivad se Vishwas. However, where the prosecution has been instituted with respect to an assessment year, the assessee is not eligible to file declaration for that asse... |
47 | If the due date of filing appeal is after 31-1-2020 the appeal has not been filed, will such case be eligible for Vivad se Vishwas?
| Yes. |
48 | If appeal is filed before High Court and is pending for admission as on 31-1-2020, whether the case is eligible for Vivad se Vishwas? | Yes |
49 | In a case appeal or arbitration is pending on the specified date, but a rectification is also pending with the AO which if accepted will reduce the total assessed income. Will the calculation of disputed tax be calculated ....... read more
| The rectification order passed by the AO may have an impact on determination of disputed tax, if there is reduction or increase in the income and tax liability of the assessee as a result of rectification. The disputed tax in such cases would be calculated after giving effect to the rectification order passed, if any. |
50 | Refer to question number 5. How will disputed tax be calculated in a case where disputed demand including interest has been paid by the assessee while being in appeal? | To illustrate, consider a non-search case where an assessee is in appeal before Commissioner(Appeals). The tax on returned income (including surcharge and cess) comes to Rs. 30,000 and interest under section 234B of Rs. 1,000. Assessee has paid this amount of Rs. 31,000 at the time of tiling his tax return. During as... |
51 | How will disputed tax be computed in a case where assessment has been set aside for giving proper opportunity to an assessee on the additions carried out by the AO?
| To illustrate, return of income was filed by the assessee. The tax on returned income was Rs 10,000 and interest was Rs 1,000. The amount of Rs 11,000 was paid before filing the return. The AO made two additions of Rs. 20,000/- and Rs 30,000/-. The tax (including surcharge and cess) on this comes to Rs. 6,240/- and Rs... |
52 | What amount of tax is required to be paid, if an assessee wants to avail the benefit of the Vivad se Vishwas?
| Under the Vivad se Vishwas, declarant is required to make following payment for settling disputes:
A. In appeals/writ/SLP/DRP objections/revision application under section 264/arbitration filed by the assessee -
(a) In case payment is made till 31st March, 2020
(i) 100% of the disputed tax (125% in se... |
53 | Whether credit for earlier taxes paid against disputed tax will be available against the payment to be made under Vivad se Vishwas? | The amount payable by the declarant under Vivad se Vishwas shall be determined by the DA under clause 5. Credit for taxes paid against the disputed tax before filing declaration shall be available to the declarant. Please refer to example at question no. 26 above. If in that example against disputed tax of Rs. 10,000 a... |
54 | Where assessee settles TDS appeal or withdraws arbitration (against order u/s 201) as deductor of TDS, will credit of such tax be allowed to deductee? | In such cases, the deductee shall be allowed to claim credit of taxes in respect of which the deductor has availed of dispute resolution under Vivad se Vishwas. However, the credit will be allowed as on the date of settlement of dispute by the deductor and hence the interest as applicable to deductee shall apply. |
55 | Where assessee settles TDS liability as deductor of TDS under Vivad se Vishwas (i.e against order u/s 201), when will he get consequential relief of expenditure allowance under proviso to section 40(a)(i)/(ia)?
| In such cases, the deductor shall be entitled to get consequential relief of allowable expenditure under proviso to section 40(a)(i)/(ia) in the year in which the tax was required to be deducted.
To illustrate, let us assume that there are two appeals pending; one against the order under section 201 of the Act fo... |
56 | When assessee settles his own appeal or arbitration under Vivad se Vishwas, will consequential relief be available to the deductor in default front liability determined under TDS order u/s 201? | When an assessee (being a person receiving an income) settles his own appeal or arbitration under Vivad se Vishwas and such appeal or arbitration is with reference to assessment of an income which was not subjected to TDS by the payer of such income (deductor in default) and an order under section 201 of the Act has be... |
57 | Where DRP order passed on or after 1st July, 2012 and before 1st June, 2016 have given relief to assessee and Department has filed appeal, how assessed tax to be calculated? | If department appeal is required to be settled, then against that appeal the appellant is required to pay only 50% of the amount that is otherwise payable if it was his appeal. |
58 | Appeals against assessment order and against penalty order are filed separately on same issue. Hence there are separate appeals for both. In such a case how disputed tax to be calculated? | Further, it is clarified that if the appellant has both appeal against assessment order and appeal against penalty relating to same assessment pending for the same assessment year, and he wishes to settle the appeal against assessment order (with penalty appeal automatically covered), he is required to indicate both ap... |
59 | If there is substantive addition as well as protective addition in the case of same assessee for different assessment year, how will that he covered? Similarly if there is substantive addition in case of one assessee and protective....... read more
| If the substantive addition is eligible to be covered under Vivad se Vishwas,then on settlement of dispute related to substantive addition AO shall pass rectification order deleting the protective addition relating to the same issue in the case of the assessee or in the case of another assessee. |
60 | In a case ITAT has passed order giving relief on two issues and confirming three issues. Time to file appeal has not expired as on specified date. The taxpayer wishes to file declaration for the three issues which have gone. | The Vivad se Vishwas allow declaration to be filed even when time to file appeal has not expired considering them to be a deemed appeal. Vivad se Vishwas also envisages option to assessee to file declaration for only his appeal or declaration for department appeal or declaration for both. Thus, in a given situation the... |
61 | There is no provision for 50% concession in appeal pending in HC on an issue where the assessee has got relief on that issue from the SC? | If the appellant has got decision in his favour from SC on an issue, there is no dispute now with regard to that issue and he need not settle that issue. If that issue is part of the multiple issues, the disputed tax may be calculated on other issues considering nil tax on this issue. |
62 | Addition was made u/s 143(3) on two issues whereas appeal filed only for one addition. Whether interest and penalty be waived for both additions. | Under Vivad se Vishwas, interest and penalty will be waived only in respect of the issue which is disputed in appeal and for which declaration is filed. Hence, for the undisputed issue, the tax, interest and penalty shall be payable. |
63 | DRP has issued directions confirming all the proposed additions in the draft order and the AO has passed the order accordingly. The issues confirmed by DRP include an issue on which the taxpayer has got favourable order front ITAT ....... read more | In this case, on the issue where the taxpayer has got relief from ITAT in an earlier year (not reversed by HC or SC) the disputed tax shall be computed at half of normal rate of 100%, 110%, 125% or 135%, as the case may be. |
64 | Where there are two appeals filed for an assessment year one by the appellant and one by the tax department, whether the appellant can opt for only one appeal? If yes, how would the disputed tax be computed? | The appellant has an option to opt to settle appeal filed by it or appeal filed by the department or both. Declaration form is to be filed assessment year wise i.e. only one declaration for one assessment year. For different assessment years separate declarations have to be filed. So the declarant needs to specify in t... |
65 | How much time shall be available for paying the taxes after filing a declaration under the Vivad se Vishwas? | As per section 5 of Vivad se Vishwas, the DA shall determine the amount payable by the declarant within fifteen days from the date of receipt of the declaration and grant a certificate to the declarant containing particulars of the tax-arrear and the amount payable after such determination. The declarant shall pay the... |
66 | If taxes are paid after availing the benefits of the Vivad se Vishwas and later the taxpayer decides to take refund of these taxes paid, would it be possible?
| No. Any amount paid in pursuance of a declaration made under the Vivad se Vishwas shall not be refundable under any circumstances. |
67 | Where appeals are withdrawn from the appellate forum, and the declarant is declared to be ineligible under the Vivad se Vishwas by DA at the stage of determination of amount payable under section 5(1) or, amount determined by DA is at variance of amount declared by declarant and declarant is not agreeable to DA's deter... | Under the amended procedure no appeal is required to be withdrawn before the grant of certificate by DA. After the grant of certificate by DA under section 5, the appellant is required to withdraw appeal or writ or special leave petition pending before the appellant forum and submit proof of withdrawal with intimation ... |
68 | Section 5(2) requires declarant to pay amount determined by DA within 15 days of receipt of certificate from DA. Clarification is required on whether declarant is to also intimate DA about fact of having made payment pursuant to declaration within the period of 15 days? | As per section 5(2), the declarant shall pay the amount determined under section 5(1) within fifteen days of the date of receipt of the certificate and intimate the details of such payment to the DA in the prescribed form and thereupon the DA shall pass an order stating that the declarant has paid the amount. |
69 | Will DA also pass order granting expressly, immunity from levy of interest and penalty by the AO as well as immunity from prosecution ? | As per section 6, subject to the provisions of section 5, the DA shall not institute any proceeding in respect of an offence; or impose or levy any penalty; or charge any interest under the Income-tax Act in respect of tax arrears. This shall be reiterated in the order under section 5(2) passed by DA. |
70 | Whether DA can amend his order to rectify any patent errors? | Yes, the DA shall be able to amend his order under section 5 to rectify any apparent errors. |
71 | Where tax determined by DA is not acceptable can appeal be filed against the order of designated authority before ITAT, High Court or Supreme Court? | No. As per section 4(7), no appellate forum or arbitrator, conciliator or mediator shall proceed to decide any issue relating to the tax arrears mentioned in the declaration in respect of which order is passed by the DA or the payment of sum determined by the DA. |
72 | There is no provision for withdrawal of appeal/writ/SLP by the department on settlement of dispute
| On intimation of payment to the DA by the appellant pertaining to department appeal/writ/SLP, the department shall withdraw such appeal/writ/SLP. |
73 | Once declaration is filed under Vivad se Vishwas, and for financial difficulties, payment is not made accordingly, will the declaration be null and void? | Yes it would be void. |
74 | Where the demand in case of an assessee has been reduced partly or fully by giving appeal effect to the order of appellate forum, how would the amount payable under Vivad se Vishwas be adjusted? | In such cases, after getting the proof of payment of the amount payable under Vivad se Vishwas, the AO shall pass order under section 154 of the Act read with the relevant provisions of Vivad se Vishwas to create demand in case of assessee against which the amount payable shall be adjusted. |
75 | Will there be immunity from prosecution? | Yes, section 6 provides for immunity from prosecution to a declarant in relation to a tax arrears for which declaration is filed under Vivad se Vishwas and in whose case an order is passed by the DA that the amount payable under Vivad se Vishwas has been paid by the declarant. |
76 | Will the result of this Vivad se Vishwas be applied to same issues pending before AO? | No, only the issues covered in the declaration are settled in the dispute without any prejudice to same issues pending in other cases. It has been clarified that making a declaration under this Act shall not amount to conceding the tax position and it shall not be lawful for the income-tax authority or the declarant be... |
77 | If loss is not allowed to be adjusted while calculating disputed tax, will that loss be allowed to be carried forward? | As per the amendment proposed in Vivad se Vishwas,in a case where the dispute in relation to an assessment year relates to reduction of Minimum Alternate Tax (MAT) credit or reduction of loss or depreciation, the appellant shall have an option either to (i) include the amount of tax related to such MAT credit or loss o... |
78 | If the taxpayer avails Vivad se Vishwas for Transfer Pricing adjustment, will provisions of section 92CE of the Act apply separately? | Yes, secondary adjustment under section 92CE will be applicable.
However, it may be noted that the provision of secondary adjustment as contained in section 92CE of the Act is not applicable for primary adjustment made in respect of an assessment year commencing on or before the 1st day of April 2016. That means, ... |
79 | The appellant has settled the dispute under Vivad se Vishwas in an assessment year. Whether it is open for Revenue to take a stand that the additions have been accepted by the appellant and hence he cannot dispute it in future assessment years?
| It has been clarified in Explanation to section 5 that making a declaration under Vivad se Vishwas shall not amount to conceding the tax position and it shall not be lawful for the income-tax authority or the declarant being a part in appeal or writ or in SLP to contend that the declarant or the income-tax authority, a... |
80 | What is intimation under Section 143(1)?
| Intimation refers to the processing of returns by the Centralised Processing Centre (CPC). In this, all Income-tax returns filed under Section 139 or in response to a notice under Section 142(1) are processed to verify and fix the arithmetical errors, apparent errors, tax calculation, and tax payments. At this stage... |
81 | Which adjustments shall be made by CPC to compute total income or loss while processing the ITR? | Income-tax return is processed to compute total income or loss after making the following adjustments:
Any arithmetical error in the return;
An incorrect claim apparent from any information in the return;
Disallowance of loss claimed if the return of the previous year for which set-off of loss is claimed was furni... |
82 | What is the meaning of an incorrect claim? | 'An incorrect claim apparent from any information in the return' means a claim on the basis of an entry in the Income-tax return:
Which is inconsistent with another entry of the same or some other item in such return;
In respect of which, information required to be furnished to substantiate such claim, has not bee... |
83 | What is the time limit to issue intimation under section 143(1)? | Intimation is required to be issued within 9 months from the end of the financial year in which the return is furnished by the assessee. |
84 | What is the time limit allowed to the assessee to explain and rectify the arithmetical error or incorrect claim found by the CPC? | Before making any adjustment, an opportunity shall be provided to the assessee to explain and rectify the arithmetical error or incorrect claim within 30 days from the date of issue of intimation. |
85 | How to submit the response against the adjustment made by the CPC? | The response against the adjustment made by CPC has to be submitted through the e-filing account of the assessee without any need to visit the income tax department. |
86 | When is interest under Section 234A levied? | Interest under section 234A shall be levied if the Income-tax return is furnished after the due date or is not furnished. |
87 | What is the rate of interest that shall be charged under Section 234A? | Simple interest shall be charged at the rate of 1% per month or part thereof. |
88 | Which period shall be considered for interest under Section 234A if the return is furnished belatedly? | If the income-tax return is furnished after the due date specified in section 139(1), the interest shall be charged for the period commencing from the date immediately following the due date for filing of return of income and ending with the date on which the return of income is furnished.
The Circular No. 2/2015 ... |
89 | Which period shall be considered for interest under Section 234A if the return is not furnished? | If the income-tax return is not furnished, interest shall be charged for the period commencing from the date immediately following the due date for filing of return of income and ending with the date on which the best judgment assessment is completed. |
90 | Which period shall be considered for interest under section 234A if the return is furnished belatedly in re-assessment? | Where return of income is required by a notice issued under section 148 (Income escaping assessment), but it is furnished after the expiry of the time allowed under such notice, the interest shall be charged for the period commencing from the day immediately following the expiry of the time allowed under the notice... |
91 | Which period shall be considered for interest under Section 234A if the return is not furnished in re-assessment? | Where return of income is required by a notice issued under Section 148 (Income escaping assessment), but it is not furnished, the interest shall be charged for the period commencing from the day immediately following the expiry of the time allowed under the notice and ending on the date of completion of re-assessmen... |
92 | Which period shall be considered for interest under Section 234A if the return is not furnished and an updated return is filed?
| If the income-tax return is not furnished by the assessee and subsequently he files an updated return, interest shall be charged on the amount of self-assessment tax payable on the total income as declared in such updated return.
The interest shall be charged for the period commencing from the date immediately foll... |
93 | Which period shall be considered for interest under section 234A if the return is furnished and an updated return is also filed? | An assessee shall not be required to pay interest at the time of furnishing of the updated return if he has already filed the original return, revised return, or belated return for the relevant assessment year.
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94 | Whether interest under Section 234A shall be levied on the additional income tax payable under Section 140B? | No |
95 | When is interest under Section 234B levied? | Interest under Section 234B shall be levied if the assessee has the liability to pay the advance tax, but he fails to pay the same or the amount paid as advance tax is less than 90% of the 'assessed tax'. |
96 | What is the meaning of assessed tax? | 'Assessed tax' means the tax on the total income determined in summary assessment or the regular assessment less TDS or TCS, MAT Credit or AMT Credit, Relief under Section 89, and Foreign Tax Credit under Sections 90, 90A or 91. |
97 | What is the rate of interest that shall be charged under Section 234B? | Simple interest shall be charged at the rate of 1% per month or part thereof. |
98 | Which amount shall be considered to calculate interest under Section 234B if advance tax is not paid? | Where the assessee has the liability to pay the advance tax, but he failed to pay the same, the interest shall be charged on the whole amount of tax computed on his total income. |
99 | Which amount shall be taken to calculate interest under Section 234B if the advance tax paid is less than 90% of the assessed tax? | Where the advance tax paid by the assessee is less than 90% of the assessed tax, the interest shall be charged on the amount of assessed tax less advance tax paid.
If tax is paid on the basis of self-assessment under Section 140A, interest will be calculated on the amount by which advance tax paid falls short of ass... |
100 | Which period shall be considered for interest under section 234B if self-assessment tax is not paid? | If the assessee did not pay the self-assessment tax, the interest shall be charged for the period commencing from April 1 of the assessment year and ending on the date of determination of income under Section 143(1) and where a regular assessment is made to the date of such regular assessment.
However, if the retu... |
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