The Ministry of Finance Vide its notification dated 18th march 2020 has published the Direct Tax Vivad se Vishwas Rules, 2020 which would give taxpayers an opportunity to settle their disputes by paying due taxes with complete waiver of interest and penalty until March 31. It would also allow dispute settlement with some additional payment till July 31.
The Vivad se Vishwas Rules defined ‘dispute’ as any appeal, writ or special leave petition filed or appeal or special leave petition to be filed by the declarant or the income-tax authority before the Appellate Forum, or arbitration, conciliation or mediation initiated or given notice thereof, or objections filed or to be filed before the Dispute Resolution Panel under section 144C of the Income-tax Act, or application filed under section 264 of the Income-tax Act.
Where the dispute in relation to an assessment year relates to reduction in Minimum Alternate Tax (MAT) credit to be carried forward, the declarant shall have an option to:
- include the amount by which MAT credit to be carried forward is reduced in disputed tax and carry forward the MAT credit by ignoring such amount of reduction, or
- carry forward the reduced MAT credit.
The Rules also provides the manner for furnishing the forms, the procedure, standards and the orders of designated authorities for respective cases.
Click here to read the Notification.
