The document provides an overview of a book that aims to help readers understand the Direct Tax Vivad Se Vishwas Act, 2020, which establishes a dispute resolution scheme for settling pending direct tax disputes. The summary includes:
- The book uses practical case studies and examples to explain provisions of the new law such as scope, eligibility, exclusions, computation of disputed tax and tax payable under the scheme.
- It analyzes key aspects of the law including its implementation, objectives, features and certain provisions requiring clarity or relaxation.
- The book also examines how specific tax disputes could be settled under the scheme, including those related to Operation Clean Money/demonetization and long-term capital gains on penny stocks
Taxmann's Case Studies & Procedures under Direct Tax Vivad se Vishwas Act 2020Taxmann
The document discusses India's Direct Tax Vivad Se Vishwas Act, 2020 which provides a dispute resolution scheme for reducing direct tax litigation. Key points:
- The scheme allows taxpayers to settle disputes by paying 100% of the disputed tax and get a waiver of interest and penalty. It aims to generate timely tax revenue and reduce litigation burden.
- As of November 2019, about Rs. 9.32 lakh crores of direct tax arrears were locked up in appeals. The scheme aims to resolve these and related disputes.
- Certain disputes involving fraudulent income are excluded from the scheme. Eligible taxpayers can benefit by settling long-pending appeals and deploying resources towards business.
Case Studies & Procedures under Direct Tax Vivad se Vishwas Act 2020Taxmann
The Book is a ready referencer to assist the assessees and tax practitioners in understanding the legislative provisions and the practicalities of Vivad se Vishwas Act. The book explains the practical aspects of the scheme through practical case studies encompassing real income-tax disputes. It will help you to make wise, informed and timely decisions about opting for the scheme to settle the tax disputes.
Key Highlights:
All the legislative provisions of the scheme explained with illustrative case studies.
Covering case-studies on the following issues:
Scope, coverage and eligibility
Exclusions
Computation of Tax Arrears
Computation of Disputed Tax
Computation of Disputed Interest and Penalty
Computation of Tax Payable under the Scheme
Detailed analysis of Operation Clean Money and Demonetisation cases
Case studies on long-term capital gain arising from sale of penny stocks
Get Un-Interrupted Instant Access to e-Book Here: https://amzn.to/2xsA76f
#VivadSeVishwas #IncomeTaxLitigation #IncomeTaxDisputes #TaxmannBooks
This book is a ready referencer to understand the tax implication of cash deposited during demonetization or in the routine course and the guidance on how to give responses to the notices of Department. It also provides a complete understanding of the provisions relating to unexplained Income and Prohibition of Benami Property Transaction Act, 1988. This book has been written with the following objectives:
· Provides an idea about the tax consequences of
demonetization;
· Provides an insight into various modes used by the taxpayers
to explain their cash deposited in the bank;
· Explains the conditions under which various deeming
provisions under Income Tax Act can be applied;
· Highlights the requirement of documentary evidence in support
of explanation furnished by the assessee;
· Covers the circumstances under which enhancement, revision
or reopening can be done; and
· Highlight the circumstances under which penal provisions in
relation to cash deposits can be invoked.
The present publication is the first edition, authored by D.C. Agarwal & updated till 15th August 2020, with the following noteworthy features:
· Chapter are designed in the form of independent articles so
that all the material relating to the issue is compiled in one
place
· Chapter on selected questions and answers – FAQs on the
issues relating to the assessment of cash deposits has also
been inserted
· Topics such as power of enhancement by CIT(A) and Tribunal,
re-opening and re-assessment and revision under Section 263
have also been incorporated
· Contents of this book are as follows:
o Introduction
o After effects of Demonetization
o Various Modes of Cash Deposits
o Cash Deposits and Bogus Sales & Purchases
o Cash Deposits and Section 68
o Cash Deposits and Section 69
o Cash Deposits and Section 69A
o Cash Withdrawal and Deposit
o Bank Passbook and Section 68
o Books and Books of Account
o Burden of Proof
o Legal Fiction under Section 68, 69 and 69A
o Concept of Telescoping and Peak Credit in relation to Cash
Transaction
o Substantive – Protective assessments
o Cash Deposits and Presumptive Taxation
o Nature of amendment in Section 115BBE by Taxation Laws (Second Amendment) Act, 2016
o Related Issues
o Power of Enhancement
o SBN Deposits in Banks and Prohibition of Benami Property
Transactions Act, 1988
o Cash Transactions and Penalties
o Reopening and Reassessment
o Revision under Section 263
o FAQs
The document discusses whether the bull run in the stock market will continue after the recent Union Budget 2021. It notes that experts say long-term equity investors cannot lose, as the Nifty index has risen significantly since last April. Now, with the budget session over, investors are wondering if this bull run will sustain or if there are any negative signs. The article also summarizes some announcements made in the budget related to infrastructure spending that could boost corporate earnings.
Index has almost doubled from its bottom during the COVID 19 . Street is further happy on the budget announcements and speech on 1st February. Read our experts view on all this and more
Monthly newsletter by seeman distributors February editionAshis Kumar Dey
This newsletter article discusses the market outlook after the Indian Union Budget 2021. It provides perspectives from multiple equity market experts. They believe the increased fiscal spending on infrastructure will help boost corporate earnings and the overall economy. Sectors like power, utilities and construction materials are expected to benefit. The electric vehicle and agriculture technology sectors also present opportunities. Investors are advised to adopt a balanced approach through diversified mutual funds and stay invested in equities for long-term gains.
Shipra finance will the bull run continue in equity market-feb-21Binod Shukla
If you are a long-term
investor in the stock market, you can’t possibly lose”. Those
watching the NIFTY’s dizzying rise since March 2020, will find it hard to
disagree. From almost 7500 in April 2020, the NIFTY index has soared to
around 14,000 in January, 2021. It has not been a smooth ride during
COVID crisis, but if you had the stomach to hang on to the equities, you
would have ended up with an annual return over 14% and around 80%
from its bottom
The document provides a newsletter discussing investments and the market. It discusses whether the bull run in the stock market will continue after the recent union budget in India. It provides perspectives from equity experts on the budget and its potential impact on corporate earnings and the market. It recommends that investors should not flee from equities but do proper rebalancing across sectors, company sizes, and mutual fund types. The budget focused on infrastructure spending which could boost sectors like construction and materials companies.
Taxmann's Case Studies & Procedures under Direct Tax Vivad se Vishwas Act 2020Taxmann
The document discusses India's Direct Tax Vivad Se Vishwas Act, 2020 which provides a dispute resolution scheme for reducing direct tax litigation. Key points:
- The scheme allows taxpayers to settle disputes by paying 100% of the disputed tax and get a waiver of interest and penalty. It aims to generate timely tax revenue and reduce litigation burden.
- As of November 2019, about Rs. 9.32 lakh crores of direct tax arrears were locked up in appeals. The scheme aims to resolve these and related disputes.
- Certain disputes involving fraudulent income are excluded from the scheme. Eligible taxpayers can benefit by settling long-pending appeals and deploying resources towards business.
Case Studies & Procedures under Direct Tax Vivad se Vishwas Act 2020Taxmann
The Book is a ready referencer to assist the assessees and tax practitioners in understanding the legislative provisions and the practicalities of Vivad se Vishwas Act. The book explains the practical aspects of the scheme through practical case studies encompassing real income-tax disputes. It will help you to make wise, informed and timely decisions about opting for the scheme to settle the tax disputes.
Key Highlights:
All the legislative provisions of the scheme explained with illustrative case studies.
Covering case-studies on the following issues:
Scope, coverage and eligibility
Exclusions
Computation of Tax Arrears
Computation of Disputed Tax
Computation of Disputed Interest and Penalty
Computation of Tax Payable under the Scheme
Detailed analysis of Operation Clean Money and Demonetisation cases
Case studies on long-term capital gain arising from sale of penny stocks
Get Un-Interrupted Instant Access to e-Book Here: https://amzn.to/2xsA76f
#VivadSeVishwas #IncomeTaxLitigation #IncomeTaxDisputes #TaxmannBooks
This book is a ready referencer to understand the tax implication of cash deposited during demonetization or in the routine course and the guidance on how to give responses to the notices of Department. It also provides a complete understanding of the provisions relating to unexplained Income and Prohibition of Benami Property Transaction Act, 1988. This book has been written with the following objectives:
· Provides an idea about the tax consequences of
demonetization;
· Provides an insight into various modes used by the taxpayers
to explain their cash deposited in the bank;
· Explains the conditions under which various deeming
provisions under Income Tax Act can be applied;
· Highlights the requirement of documentary evidence in support
of explanation furnished by the assessee;
· Covers the circumstances under which enhancement, revision
or reopening can be done; and
· Highlight the circumstances under which penal provisions in
relation to cash deposits can be invoked.
The present publication is the first edition, authored by D.C. Agarwal & updated till 15th August 2020, with the following noteworthy features:
· Chapter are designed in the form of independent articles so
that all the material relating to the issue is compiled in one
place
· Chapter on selected questions and answers – FAQs on the
issues relating to the assessment of cash deposits has also
been inserted
· Topics such as power of enhancement by CIT(A) and Tribunal,
re-opening and re-assessment and revision under Section 263
have also been incorporated
· Contents of this book are as follows:
o Introduction
o After effects of Demonetization
o Various Modes of Cash Deposits
o Cash Deposits and Bogus Sales & Purchases
o Cash Deposits and Section 68
o Cash Deposits and Section 69
o Cash Deposits and Section 69A
o Cash Withdrawal and Deposit
o Bank Passbook and Section 68
o Books and Books of Account
o Burden of Proof
o Legal Fiction under Section 68, 69 and 69A
o Concept of Telescoping and Peak Credit in relation to Cash
Transaction
o Substantive – Protective assessments
o Cash Deposits and Presumptive Taxation
o Nature of amendment in Section 115BBE by Taxation Laws (Second Amendment) Act, 2016
o Related Issues
o Power of Enhancement
o SBN Deposits in Banks and Prohibition of Benami Property
Transactions Act, 1988
o Cash Transactions and Penalties
o Reopening and Reassessment
o Revision under Section 263
o FAQs
The document discusses whether the bull run in the stock market will continue after the recent Union Budget 2021. It notes that experts say long-term equity investors cannot lose, as the Nifty index has risen significantly since last April. Now, with the budget session over, investors are wondering if this bull run will sustain or if there are any negative signs. The article also summarizes some announcements made in the budget related to infrastructure spending that could boost corporate earnings.
Index has almost doubled from its bottom during the COVID 19 . Street is further happy on the budget announcements and speech on 1st February. Read our experts view on all this and more
Monthly newsletter by seeman distributors February editionAshis Kumar Dey
This newsletter article discusses the market outlook after the Indian Union Budget 2021. It provides perspectives from multiple equity market experts. They believe the increased fiscal spending on infrastructure will help boost corporate earnings and the overall economy. Sectors like power, utilities and construction materials are expected to benefit. The electric vehicle and agriculture technology sectors also present opportunities. Investors are advised to adopt a balanced approach through diversified mutual funds and stay invested in equities for long-term gains.
Shipra finance will the bull run continue in equity market-feb-21Binod Shukla
If you are a long-term
investor in the stock market, you can’t possibly lose”. Those
watching the NIFTY’s dizzying rise since March 2020, will find it hard to
disagree. From almost 7500 in April 2020, the NIFTY index has soared to
around 14,000 in January, 2021. It has not been a smooth ride during
COVID crisis, but if you had the stomach to hang on to the equities, you
would have ended up with an annual return over 14% and around 80%
from its bottom
The document provides a newsletter discussing investments and the market. It discusses whether the bull run in the stock market will continue after the recent union budget in India. It provides perspectives from equity experts on the budget and its potential impact on corporate earnings and the market. It recommends that investors should not flee from equities but do proper rebalancing across sectors, company sizes, and mutual fund types. The budget focused on infrastructure spending which could boost sectors like construction and materials companies.
Tally ERP 9 is accounting software that helps businesses manage their finances. It allows remote access to accounts online and has features for inventory management, tax compliance, accounting vouchers, and financial reports. GST (Goods and Services Tax) is an indirect tax implemented in India in 2017 to replace other indirect taxes. It is charged on the supply of goods and services at rates from 0% to 28% depending on the item. Each taxpayer is assigned a unique 15-digit GSTIN combining their state code and PAN number to identify them.
This document discusses the use of Little's Law to optimize lead time in a quality control process. It presents a case study where Little's Law was used to analyze the lead time for issuing Technical Delivery Conditions (TDC) to production. By calculating the throughput rate, work in process, and cycle time using Little's Law, it was found that the lead time could be reduced from 5 hours to 4 hours with minor process changes. The document concludes that Little's Law provides a way to validate representations of processes and predict changes in cycle time from modifying throughput or work in process.
Safe Banking Act 2019: What You Need To Know!Ralf Kaiser
Our team at Integrated Compliance Solutions LLC and Sterling Compliance, LLC has come together to provide our thoughts and insights about the SAFE Banking Act!
Many of our bank partners have requested our conclusions on the proposed legislation and we have included those in this paper.
If you would like a copy of the document, message me, Ralf Kaiser here on LinkedIn, and I will send it to you.
Reduced penalty for late filing of income taxE-startupindia
For the financial year 2020 to 2021, the time limit to file ITR (income tax return) is September 30th, 2021 (it expanded from the typical time limit of July 31st, 2021 owing to the Coronavirus). Till the previous year, if a levy payer missed the ITR filing time limit, the greatest Penalty they would have had to disburse was Rs ten thousand.
The one-of-a-kind book on Gold & Taxes is the first book in this domain, written in simple & lucid language along-with plenty of examples, case studies & tables.
Any person being a buyer, seller, the investor would not like to face a heavy tax burden, while fondly handling the shining, yellow gold. This book provides complete guidance on how to save taxes on gold, and the law stated in this book is amended up to 25th November 2020. Key features of this book are as follows:
· It encompasses all aspects of Income-tax
· Relevant GST principles such as composition scheme, Input tax credit, have also been incorporated
· Examples, cases, and tables for easy understanding
· Tips at the end of various chapter
· The contents of this book are as follows:
o How much gold can you hold?
o Search, seizure & income tax
o Digital search
o Gold monetization scheme
o Sovereign gold bonds
o Undisclosed & unexplained gold
o Gold ETF
o Gold coins
o Capital gains tax
o Valuation of gold
o Traders & gold
o Inheriting gold
o Gold & silver utensils
o Stridhan
o Gold & GST
o Gold & gold traders
o Appendices
§ Historical Gold & Silver Rates
§ Cost Inflation Index for Gold Sold after 1-4-2017, notified by CBDT on 5-6-2017 for the financial year 2001-02 and subsequent years
§ GST Tariff
§ GST forms for gold traders
§ GST for automatically generated after filing form
Blockchain is being used by several institutions to issue bonds and other debt products. Institutions use DLT primarily for structuring, issuance and asset transfer. The bond-i, issued by the World Bank in partnership with Commonwealth Bank of Australia (ABC's) Digital Innovation Lab 5, used blockchain technology, and hence was the world's first publicly offered blockchain bond. The bond was issued to replace registry, issuing, clearing and custodian processes with smart contract automation on a private version of the Ethereum blockchain.
This document provides background information and rationale for proposed modifications to an excise duty exemption notification regarding waste and scrap. It notes that the current notification allows full exemption for waste/scrap generated during manufacture of exempted goods, even when intermediate goods used in dutiable final products are exempted. This could allow some unintended benefits. The proposed modification is to provide exemption only when the entire factory's production is exempted, not just intermediate goods. Extracts from the Finance Minister's budget speech support exempting waste/scrap only when the factory itself is fully exempted from excise control.
This document provides instructions on how to start and register a business in the Philippines. It discusses registering the business name with the Department of Trade and Industry (DTI), obtaining a business permit from the local city or municipality, registering with the Bureau of Internal Revenue (BIR) for an authority to print invoices, and registering with other agencies like the Social Security System (SSS) and PhilHealth. The document provides details on the registration process and requirements with each agency to legally operate a business in the Philippines.
10 things you didn't know about the New Payments PlatformIndue Limited
With the NPP now alive and kicking goals across Australia, we thought it timely to share with you some insights you may not yet know about Australia's newest payments platform!
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The document provides information about Australia's New Payments Platform (NPP) including how fast NPP payments are, how PayIDs work, how businesses can offer NPP, and Indue's role in enabling clients to offer NPP payments through their comprehensive solution. Key points are that NPP allows payments to be received in under a minute, PayIDs provide an alternative to sharing bank details, and Indue partners with businesses to access NPP and provides services like fraud monitoring and connectivity to the payments infrastructure.
Everything You Need To Know About Export IncentivesInfoCraftezy
Export incentives are a form of economic assistance that governments provide to firms or industries within the national economy, in order to help them secure foreign markets. A government providing export incentives often does so in order to keep domestic products competitive in the global market.
#exportincentive #exportincentiveshemes #exports #exportersindia #indianexporter #exportinggoods #shippinggoods #internationaltrade #traderelations #tradelaws #internationalshipping #shipping #craftezyreaches #craftezy
After World War II, several nonstate institutions were established to address humanitarian issues and crises that states were facing. This led to the establishment of organizations like the United Nations High Commissioner for Refugees (UNHCR) to assist crisis victims. Nonstate institutions include banks and corporations, cooperatives and trade unions, transnational advocacy groups, and development agencies and international organizations. These nonstate institutions function with minimal intervention from state institutions and are equally capable of influencing policy formation and implementation.
The document discusses truck accidents and liability. It reports that in 2016 there were 3,986 fatal truck accidents according to the Insurance Institute for Highway Safety, and in 2015 the Federal Motor Carrier Safety Administration reported 87,000 truck accidents resulting in injury, with 66% of injured people being occupants of smaller vehicles. The document also discusses common types of injuries from truck accidents, potential damages, and parties that may be liable including drivers, companies, mechanics, manufacturers, and government entities.
Drug User Development Projects - PublicRui Coimbra
Aiming To build the capacity of 6 country Drug User Organizations and learn lessons about effective capacity building of European Country Drug User Organizations, EuroNPUD is launching a series of technical resources that support the work of drug user organizations.
GST Made Easy provides an Updated, Comprehensive & Simplified Analysis of each provision of the GST Law. The objective behind this book is that the understanding of GST should be as easy as ABC. This book provides answers to all your practical queries on GST.
The Present Publication is the 10th Edition, authored by CA (Dr.) Arpit Haldia & updated till 15th June 2021, with the following noteworthy features:
• [Focus on Analysis of Substantive Provisions of the GST Law] such as supply, time of supply, place of supply, value of supply, input tax credit, etc.
• [Guidance on all Procedural Provisions] relating to registration, composition scheme, returns, liability to pay tax, etc.
• [Coverage of Provisions of the GST Law] such as assessment, demand & recovery, refunds, e-way bill, job work, etc.
The contents of the book are as follows:
• Introduction
• An Overview of GST
• Person Liable to Pay Tax in GST
• Registration in GST
• What is Supply
• Time of Supply of Goods
• Time of Supply of Services
• Value of Supply
• Place of Supply
• Determination of Supply in the Course of Inter-State Trade or Commerce or Intra-State Supplies
• Job Work
• Invoice, Credit and Debit Notes
• Input Tax Credit
• Payment of Taxes
• Brief about Persons requiring Mandatory Registration
• Composition Levy – For Supplier of Goods and for Persons Engaged in Making Supplies Referred to in Clause (b) of Paragraph 6 of Schedule II
• Returns
• Assessment
• Refund
• Accounts and Records
• E-Way Bill
• Advance Ruling
• Composition Scheme for Services or Mixed Suppliers
• Demand and Recovery
• Penalty
• Rule 86B – Payment of 1% of Output Liability in Cash
Taxmann's Guide to SARFAESI Act 2002 & Recovery of Debts and Bankruptcy Act 1993Taxmann
This document provides an overview of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It discusses the background and objectives of the Act, key features such as enforcement of security, securitization, and asset reconstruction. It also examines related topics such as the constitutional validity of the Act, applicability to different entities, and interactions with other laws like the Recovery of Debts and Bankruptcy Act, 1993 and Insolvency and Bankruptcy Code, 2016. The document outlines the procedures for enforcement of security, sale of secured assets, appeals and penalties under the SARFAESI Act.
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Tally ERP 9 is accounting software that helps businesses manage their finances. It allows remote access to accounts online and has features for inventory management, tax compliance, accounting vouchers, and financial reports. GST (Goods and Services Tax) is an indirect tax implemented in India in 2017 to replace other indirect taxes. It is charged on the supply of goods and services at rates from 0% to 28% depending on the item. Each taxpayer is assigned a unique 15-digit GSTIN combining their state code and PAN number to identify them.
This document discusses the use of Little's Law to optimize lead time in a quality control process. It presents a case study where Little's Law was used to analyze the lead time for issuing Technical Delivery Conditions (TDC) to production. By calculating the throughput rate, work in process, and cycle time using Little's Law, it was found that the lead time could be reduced from 5 hours to 4 hours with minor process changes. The document concludes that Little's Law provides a way to validate representations of processes and predict changes in cycle time from modifying throughput or work in process.
Safe Banking Act 2019: What You Need To Know!Ralf Kaiser
Our team at Integrated Compliance Solutions LLC and Sterling Compliance, LLC has come together to provide our thoughts and insights about the SAFE Banking Act!
Many of our bank partners have requested our conclusions on the proposed legislation and we have included those in this paper.
If you would like a copy of the document, message me, Ralf Kaiser here on LinkedIn, and I will send it to you.
Reduced penalty for late filing of income taxE-startupindia
For the financial year 2020 to 2021, the time limit to file ITR (income tax return) is September 30th, 2021 (it expanded from the typical time limit of July 31st, 2021 owing to the Coronavirus). Till the previous year, if a levy payer missed the ITR filing time limit, the greatest Penalty they would have had to disburse was Rs ten thousand.
The one-of-a-kind book on Gold & Taxes is the first book in this domain, written in simple & lucid language along-with plenty of examples, case studies & tables.
Any person being a buyer, seller, the investor would not like to face a heavy tax burden, while fondly handling the shining, yellow gold. This book provides complete guidance on how to save taxes on gold, and the law stated in this book is amended up to 25th November 2020. Key features of this book are as follows:
· It encompasses all aspects of Income-tax
· Relevant GST principles such as composition scheme, Input tax credit, have also been incorporated
· Examples, cases, and tables for easy understanding
· Tips at the end of various chapter
· The contents of this book are as follows:
o How much gold can you hold?
o Search, seizure & income tax
o Digital search
o Gold monetization scheme
o Sovereign gold bonds
o Undisclosed & unexplained gold
o Gold ETF
o Gold coins
o Capital gains tax
o Valuation of gold
o Traders & gold
o Inheriting gold
o Gold & silver utensils
o Stridhan
o Gold & GST
o Gold & gold traders
o Appendices
§ Historical Gold & Silver Rates
§ Cost Inflation Index for Gold Sold after 1-4-2017, notified by CBDT on 5-6-2017 for the financial year 2001-02 and subsequent years
§ GST Tariff
§ GST forms for gold traders
§ GST for automatically generated after filing form
Blockchain is being used by several institutions to issue bonds and other debt products. Institutions use DLT primarily for structuring, issuance and asset transfer. The bond-i, issued by the World Bank in partnership with Commonwealth Bank of Australia (ABC's) Digital Innovation Lab 5, used blockchain technology, and hence was the world's first publicly offered blockchain bond. The bond was issued to replace registry, issuing, clearing and custodian processes with smart contract automation on a private version of the Ethereum blockchain.
This document provides background information and rationale for proposed modifications to an excise duty exemption notification regarding waste and scrap. It notes that the current notification allows full exemption for waste/scrap generated during manufacture of exempted goods, even when intermediate goods used in dutiable final products are exempted. This could allow some unintended benefits. The proposed modification is to provide exemption only when the entire factory's production is exempted, not just intermediate goods. Extracts from the Finance Minister's budget speech support exempting waste/scrap only when the factory itself is fully exempted from excise control.
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10 things you didn't know about the New Payments PlatformIndue Limited
With the NPP now alive and kicking goals across Australia, we thought it timely to share with you some insights you may not yet know about Australia's newest payments platform!
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#exportincentive #exportincentiveshemes #exports #exportersindia #indianexporter #exportinggoods #shippinggoods #internationaltrade #traderelations #tradelaws #internationalshipping #shipping #craftezyreaches #craftezy
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• [Focus on Analysis of Substantive Provisions of the GST Law] such as supply, time of supply, place of supply, value of supply, input tax credit, etc.
• [Guidance on all Procedural Provisions] relating to registration, composition scheme, returns, liability to pay tax, etc.
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• Introduction
• An Overview of GST
• Person Liable to Pay Tax in GST
• Registration in GST
• What is Supply
• Time of Supply of Goods
• Time of Supply of Services
• Value of Supply
• Place of Supply
• Determination of Supply in the Course of Inter-State Trade or Commerce or Intra-State Supplies
• Job Work
• Invoice, Credit and Debit Notes
• Input Tax Credit
• Payment of Taxes
• Brief about Persons requiring Mandatory Registration
• Composition Levy – For Supplier of Goods and for Persons Engaged in Making Supplies Referred to in Clause (b) of Paragraph 6 of Schedule II
• Returns
• Assessment
• Refund
• Accounts and Records
• E-Way Bill
• Advance Ruling
• Composition Scheme for Services or Mixed Suppliers
• Demand and Recovery
• Penalty
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This document provides an overview of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). It discusses the background and objectives of the Act, key features such as enforcement of security, securitization, and asset reconstruction. It also examines related topics such as the constitutional validity of the Act, applicability to different entities, and interactions with other laws like the Recovery of Debts and Bankruptcy Act, 1993 and Insolvency and Bankruptcy Code, 2016. The document outlines the procedures for enforcement of security, sale of secured assets, appeals and penalties under the SARFAESI Act.
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• [Taxmann's series of Bestseller Books] on LLP Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error'
GST Investigations Demands Appeals & Prosecution aims to cover the past & emerging jurisprudence on the subject matter along with a lucid commentary on the statutory provisions under the GST Law relating to the following:
• GST Inspection
• GST Search
• GST Seizure
• GST Detention
• GST Audit
• GST Confiscation
• GST Penalty
• GST Show Cause Notice
• GST Adjudication
• GST Appeals
• GST Revision
• GST Prosecution
• GST Compounding
The objective of this book is to sensitize both taxpayers and tax officers of their rights and obligations when:
• Investigations are undertaken;
• Records and documents are seized;
• Officials from companies are summoned, and
• Statements are recorded.
This book will be helpful for taxpayers, departmental officers, members of the bar & bench, professionals and the judiciary to appreciate the intricate points and issues arising out of implementation of the relevant provisions conferring wide powers on the officers.
The Present Publication is the Latest Edition, authored by Dr. Gokul Kishore & R. Subhashree & amended up to July 2021, with the following noteworthy features:
• [Commentary/Practical Guide] This book is intended to serve as a commentary and also a practical guide to all stakeholders on the provisions and issues emerging from various orders passed by High Courts on search, summons, arrest, bail, provisional attachment, demands, penalty and confiscation
• [Analysis of the Statutory Provisions featuring Landmark Cases & Recent Orders] GST is in force for only four years. Still, instances of the use of powers of search and seizure have been increasingly visible. This book analyses the provisions along with both the landmark cases on this subject as well as the recent orders under GST law.
• [Analysis includes the Previous & Current Regime of Indirect-taxes] While arrest and prosecution powers have been in the statute book under the pre-GST tax laws, the frequency of invocation of such powers in the GST regime is high. Various orders on bail, conditions for bail and validity of arrest passed by High Courts have been discussed to comprehend the scope, limitations and interpretation of the provisions
• [Threadbare Analysis with Established Jurisprudence & Principles Evolved over the Years] Proceedings for recovery of tax commences with demand notice or show cause notice followed by adjudication order, and the dispute is carried in an appeal if either party is aggrieved. The provisions under GST law on demands, adjudication, appeals, revision and recovery action have been subjected to threadbare analysis with the help of established jurisprudence and principles evolved over the years
Taxmann's GST Law & Practice is a unique/concise book on the GST Laws (i.e., Statutory Portion & Case Laws). Coverage of the book is as follows:
• Central Goods and Services Tax Act 2017 (CGST)
• Integrated Goods and Services Tax Act 2017 (SGST)
• Goods and Services Tax (Compensation to States) Act 2017
• Classification of Goods & Services
What sets it apart is the 'unique way of presenting' the compendium of 'updated, amended & annotated' text of the CGST & SGST Acts along with relevant Rules, Notifications, Forms, Circulars, Clarifications, and Case Laws. In other words, read the Section & get the following:
• Text of the relevant Rules & Notifications
• The gist of the relevant Circulars
• Date of enforcement of provisions
• Allied Laws referred to in the provision
• Gist of relevant Case Laws with an easy-to-understand summary
This book also includes Case Laws on the classification of goods & services under the GST regime in a separate division.
The Present Publication is the 2nd Edition, amended up to July 2021, authored by CA (Dr.) Arpit Haldia & CA Mohd. Salim, with the following noteworthy features:
• [Taxmann's series of Bestseller Books] on GST Laws
• [Follows the six-sigma approach] to achieve the benchmark of 'zero error.'
The detailed contents of the book are as follows:
• Central Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Central Goods & Services Tax Act, 2017
◦ Removal of Difficulties Order
◦ Text of Provisions of Allied Acts referred to in Central Goods & Services Tax Act, 2017
◦ Subject Index
• Integrated Goods & Services Tax Act 2017
◦ Arrangement of Sections
◦ Arrangement of Rules
◦ Text of the Integrated Goods & Services Tax Act, 2017
Subject Index
• Goods and Services Tax (Compensation to States) Act 2017
◦ Arrangement of Sections
◦ Text of the Goods and Services Tax (Compensation to States) Act, 2017
◦ Subject Index
• Classification of Goods & Services
◦ Classification of Goods
◦ Classifications of Services
This standard provides guidance on accounting for property, plant and equipment (PPE), which typically constitute a significant portion of total assets. It discusses capitalization of expenditures on PPE, depreciation, retirement and disposal of PPE. These have a material impact on balance sheet and profit and loss statement. The standard scopes in tangible items held for use in production/supply of goods/services, rental to others or for administrative purposes, which are expected to be used for more than one period.
GST Exports-Imports & Deemed Exports is a harmonious blend of the following laws:
• GST
• Customs
• Foreign Trade Policy
• Allied Laws
This book aims to consolidate & explain different provisions of the law and subsequent procedural changes such as Notifications, Circulars, Instructions and Trade Notices issued by CBIC and DGFT, along with relevant Advance Rulings with regards to Imports, Exports, Deemed Exports under different laws.
This book is intended to help the trade and industry dealing with exports, imports and deemed exports for compliance with the legal requirements and avail the benefits under various provisions of the Foreign Trade Policy, Customs and GST laws with better understanding and appreciation of the intricacies.
The Present Publication is the 2nd Edition, authored by Kaza Subrahmanyam & T.N.C. Rajagopalan, with the following coverage:
• [Conceptual Understanding of provisions of Imports and Exports] of Goods & Services
• [Meaning of Zero Rated Supply along with Refunds] for Physical Exports and Deemed Exports under GST
• [Treatment of supplies by and to EOU/SEZ unit or SEZ Developer/FTWZ] along with Special Exemptions/Concessions and procedural requirements
• [Foreign Trade Policy] under GST
Guide to Customs Valuation is a complete and comprehensive commentary on laws relating to valuation under Customs laws. It is a brief, concise and handy reference book, which provides the updated and simplified analysis of provisions to determine valuation under the Customs laws.
This book will be helpful for Customs Consultants, Advocates, Corporate Managers & Departmental Officers.
This book is divided into two parts:
• Valuation of Imported Goods
• Valuation of Export Goods
The Present Publication is the Latest Edition, authored by H.K. Maingi, amended up to July 2021, with the following noteworthy features:
• [Conceptual Understanding of Valuation] Conceptual understanding of provisions of Valuation under Section 14 of Customs Act and Customs Valuation (Determination of Value of Export Goods) Rules, 2007
• [Valuation] Valuation of Imported Goods & Exported Goods, Valuation in case of High Sea Sales & related persons, Valuation of capital goods on debonding, etc.
• [Various Additions in Transaction Value] Various additions in Transaction Value such as Brokerage, Service Charge, Transportation, etc.
• [Other Concepts] Concepts of related persons, under-invoicing and over-invoicing, Special Valuation Branch, etc.
This edition covers everything you need to understand about the provisions of Valuation under Customs in a subtle and simplified language.
The detailed coverage of the book is as follows:
• Introduction
• Valuation of Imported Goods
◦ Transaction Value
◦ Transaction Value to be Accepted in the Absence of Condition and Restriction under Rule 3(2)
◦ Contract Prices and Transaction Value
◦ High Sea Sales and Transaction Value
◦ Related Persons
◦ Transaction Value of Identical or Similar Goods and Contemporaneous Imports
◦ Deductive Value
◦ Computed Value
◦ Residual Method
◦ Reliance on Foreign Journals indicating International Prices for Determining Assessable Value
◦ Addition to Transaction Value Royalty, Licence and Technical Know-How Fees
◦ Other Addition to Transaction Value
◦ Declaration by the Importer
◦ Rejection of Declared Value
◦ Investigation by Special Valuation Branch
• Valuation of Export Goods
◦ Export Valuation
◦ Under-Invoicing and Over-Invoicing of Exports
◦ Customs Valuation (Determination of Value of Export Goods) Rules, 2007
◦ Inclusion/Exclusion Duty Element from Cum Duty Price
◦ Valuation of Goods Sold in DTA from EOU and Debonding of Capital Goods from EOU
Taxmann's MCQs and Integrated Case Studies on Corporate & Economic LawsTaxmann
MCQs & Integrated Case Studies on Corporate & Economic Laws are prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 6th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Knowledge Based & Application Based MCQs] as per the pattern applicable for the exams
• Includes the following types of MCQs in a Separate Section in Each Chapter:
◦ RTPs & MTPs
◦ Past Exam Questions
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) 5th Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [7th Edition] of Taxmann’s CRACKER cum Exam Guide on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies + Class Notes
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• NCLT and NLCAT
• Corporate Secretarial Practice
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 | Deleted from Syllabus
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002) | Deleted from Syllabus
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
• Integrated Case Studies
Taxmann’s CRACKER for Corporate & Economic Laws is prepared exclusively for the Final Level of Chartered Accountancy Examination requirement. It covers the entire revised, new syllabus as per ICAI.
The Present Publication is the 7th Edition & Updated till 30th April 2021 for CA-Final | New Syllabus, authored by Pankaj Garg, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [600+ Questions and Case Studies] with complete answers
• Coverage of this book includes:
• All Past Exam Questions
▪ CA Final July 2021 (New Syllabus) – Suggested Answers
◦ Questions from RTPs and MTPs of ICAI
• [Chapter-wise] marks distribution for Past Exams
• [Most Updated & Amended] This book is updated & amended as per the following:
◦ Companies (Amendment) Act, 2020
◦ Companies (Appointment and Qualifications of Directors) fifth Amendment Rules, 2020
◦ Schedule V of the Companies Act, 2013
◦ Master Directions – External Commercial Borrowings (Updated as of 12th April 2021)
◦ Foreign Exchange Management (Export of Goods and Services) (Amendment) Regulations, 2021
◦ Foreign Contribution (Regulation) Amendment Act, 2020
◦ Arbitration and Conciliation (Amendment) Act, 2021
◦ Insolvency and Bankruptcy (Amendment) Ordinance, 2021
Also Available:
• [7th Edition] of Taxmann’s Corporate & Economic Laws (New Syllabus)
• [6th Edition] of Taxmann’s MCQs & Integrated Case Studies on Corporate & Economic Laws (New Syllabus)
• Taxmann’s Combo for Textbook + Cracker + MCQs & Integrated Case Studies
Contents of this book are as follows:
• Appointment and Qualifications of Directors
• Meeting of the Board and its Powers
• Appointment and Remuneration of Managerial Personnel
• Inspection, Inquiry and Investigation
• Compromises, Arrangements and Amalgamations
• Prevention of Oppression & Mismanagement
• Winding Up
• Companies Incorporated Outside India
• Miscellaneous Provisions
• Adjudication and Special Courts
• National Company Law Tribunal and Appellate Tribunal
• Corporate Secretarial Practice – Drafting of Notices, Resolutions, Minutes & Reports
• Securities Contracts (Regulation) Act, 1956 and SCR Rules, 1957 (Deleted from syllabus)
• Securities and Exchange Board of India Act, 1992 & SEBI (LODR) Regulations, 2015
• Foreign Exchange Management Act, 1999
• Securitization and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (SARFESI Act, 2002)
• Prevention of Money Laundering Act, 2002
• Foreign Contribution (Regulation) Act, 2010
• Arbitration and Conciliation Act, 1996
• Insolvency and Bankruptcy Code, 2016
FEMA & FDI Ready Reckoner provides complete and accurate information about all provisions of the Foreign Exchange Management Act, 1999 (FEMA). It also includes guidance on all practical issues faced by companies and FEMA professionals.
Key features of this book are as follows:
• Topic-wise commentary on FEMA
• Analysis of all provisions of FEMA with relevant Rules, Judicial Pronouncements, Circulars, Notifications and Master Directions issued by Reserve Bank of India
• Law Relating to the following
◦ Prevention of Money Laundering Act
◦ Foreign Contribution (Regulation) Act
◦ COFEPOSA
The Present Publication is the 15th Edition, and it is amended up to 30th June 2021. The coverage of this book is as follows:
• FEMA – Overview
• Authorised Person under FEMA
• Account in India by Person Resident out of India
• Accounts of Indian Residents in Foreign Currency
• Receipt and Payment in Foreign Exchange
• Realisation, Repatriation and Surrender of Foreign Exchange
• Money Changing Activities
• Money Transfer Service Scheme (MTSS)
• Possession and Retention of Foreign Currency
• Export and Import of Currency or Currency Notes
• Remittances on Current Account
• Liberalised Remittance Scheme (LRS)
• Export of Goods and Services
• Import of Goods and Services
• Project Exports and Service Exports
• Foreign Exchange Rates
• Overview of Capital Account Transactions
• Foreign Investment in India
• FDI in Indian Company
• Section Wise FDI Policy at a Glance
• FDI – Downstream Investment, i.e. Indirect Investment
• FDI through Rights, Bonus, Sweat Equity or Merger/Amalgamation
• FDI – Transfer of Securities
• FDI in LLP
• FDI in GDR/ADR
• Investment by NRI or OCI
• FDI in Startup Company
• Investment by Foreign Portfolio Investors
• FDI in Investment Vehicle
• FDI by FVCI
• FDI – Investment in Securities by Funds, Foreign Central Bank, etc.
• Investment by Indian Entity in JV/WOS Abroad
• Guarantees
• Insurance
• Borrowing and Lending in Foreign Currency
• Borrowing and Lending in Indian Rupees
• Foreign Investment in Debt Instruments
• External Commerical Borrowings
• Trade Credit (TC) and Structured Obligations
• Acquisitions and Transfer of Immovable Property in India
• Acquisition and Transfer of Immovable Property out of India
• Remittance of Assets
• Branch/LO/Project Office in India by Foreign Entities
• Indian Depository Receipts
• Risk Management and Inter-Bank Dealings
• VOSTRO Account of Non-Resident Exchange Houses
• Industrial Policy of Government of India
• Enforcement of FEMA
• Penalties under FEMA
• Appeals under FEMA
• Compounding of Contraventions under FEMA
• Prevention of Money Laundering Act
• Foreign Contribution (Regulation) Act (FCRA)
• COFEPOSA, 1974
This book provides a para-wise commentary on Companies (Auditor’s Report) Order. It is a complete guide on the applicability and the matters that need to be reported by an Auditor on CARO.
This book is divided into three divisions:
• CARO Reporting under CARO, 2020 (Applicable from Financial Year 2021-22)
• CARO Report on Consolidated Financial Statements under CARO, 2020
• CARO Reporting under CARO, 2016 (Applicable for Financial Year 2021-22)
This book will be helpful for Auditors
The Present Publication is the 8th Edition, amended up to 30th June 2021, authored by CA Srinivasan Anand G., with the following noteworthy features:
• [FAQs & Case Studies]
◦ CARO 2016
◦ CARO 2020
• [Amended Schedule II] Related disclosure requirements
• [Clause-wise Ready Reckoner] on CARO 2020
• Review of earlier versions of CARO to do a quick comparison(s)
• [In a Nushell] CARO 2020
• Relevant Provisions of Companies Act, 2013
Taxmann's Indian Accounting Standards (Ind AS)Taxmann
Indian Accounting Standards (Ind AS) contains the updated Indian Accounting Standards issued under the Companies (Indian Accounting Standard) Rules, 2021.
It provides a complete understanding of the definitions, entities liable to apply Ind AS, and exemptions.
The Present Publication is the 2nd Edition, authored by Taxmann’s Editorial Board, updated till 30th June 2021, with the following noteworthy features:
• [Text of Indian Accounting Standard (Ind AS)] notified under Companies (Indian Accounting Standard) Rules, 2021;
• [Guide for Definitions] in Indian Accounting Standards
• [Guide on Applicability] of Indian Accounting Standards
• [Guide on Obligations to Comply with] in Indian Accounting Standards
• [Guide on Exemptions/Relaxations] in Indian Accounting Standards
The contents of the book are as follows:
• Arrangement of Rules
◦ Short Title and Commencement
◦ Definitions
◦ Applicability of Accounting Standards
◦ Obligation to Comply with Indian Accounting Standards (Ind AS)
◦ Exemptions
• General Instructions
• Indian Accounting Standards (Ind AS)
Taxmann's Indian Competition Law is a section-wise commentary on Competition Law. What sets this book apart is the unique combination of the study of both substantive and procedural elements of Competition Law in India.
The objective of this book is three-fold:
• Focusing on Indian Competition Law, elucidating the Indian jurisprudence and then comparing it with positions taken by European Union (EU) and the United States
• This book does not get restricted to the major provisions/broader issues of competition law but also highlights economic, technical and administrative concepts/issues that are relevant in the practical application and interpretation of competition law
• This book does not become a technical treatise but a document that a wider audience can read and understand, including lawyers, judges, academicians, lawmakers, market regulators, & entrepreneurs.
The Present Publication is the Latest Edition, authored by Adv. Gautam Shahi & Dr. Sudhanshu Kumar, amended up to 30th May 2021, with the following noteworthy features:
• [Detailed Study on Fundamental Issues] including:
o Anti-Competitive Agreements
o Abuse of Dominant Position
o Combinations (Acquisitions and Mergers)
• [Evolution of Competition Jurisprudence] in India
• [Comparitive Assessment] of major issues in Indian competition law with vis-à-vis EU, UK, and the USA
• [Exhaustive Analysis] on Rules, Regulations, Guidance issued by CCI & Case Laws decided by the CCI, COMPAT (now NCLAT), High Courts, and the Supreme Court
• [Interaction of Competition Act with other Laws] such as:
o Administrative Law
o Intellectual Property Laws
o Telecom Laws
Tax Practice Manual is an exhaustive (2,100+ pages), amended (by the Finance Act, 2021) & practical guide (330+ case studies) for Tax Professionals.
This book will be helpful for the Chartered Accountants, Lawyers/Advocates, Tax Practitioners to assist them in their day-to-day tax works.
This book is divided into two parts:
• Law Relating to Tax Procedures (covering 25+ topics)
• Case Studies (covering 35+ topics)
The Present Publication is the 7th Edition, authored by Gabhawala & Gabhawala, as amended by the Finance Act 2021, with the following noteworthy features:
• Law Relating to Tax Procedures
◦ [Lucid Explanation, in a Practical Manner, with Checklists & necessary Tips] for the law relating to Tax Procedure
◦ [Exhaustive Coverage of Case Laws]
◦ [Fine Prints & Unwritten Lines] are explained in a lucid manner
• Tax Practice
◦ [Elaborated & Threadbare Analysis] of every aspect of Tax Practice
• Case Studies
◦ [330+ Case Studies] to deal with real-life animated situations/problems faced by tax practitioners
• Draft Replies
◦ For the Notices sent by the Department
◦ Petitions to the Department
• Drafting & Conveyancing
◦ [Complete Guide to Drafting of Deeds & Documents] covering
◦ Affidavits
◦ Wills
◦ Special Business Arrangements
◦ Family Arrangements
◦ Power of Attorney
◦ Lease, Rent & Leave and Licenses
◦ Indemnity and Guarantee
◦ Charitable Trust Deeds, etc.
The contents of this book are as follows:
• Law Relating to Tax Procedures
◦ Tax Practice
◦ Pre-assessment Procedures
◦ Assessment
◦ Appeals
◦ Interest, Fees, Penalty and Prosecution
◦ Refunds
◦ Settlement Commission – ITSC, Interim Board for Settlement
◦ Summons, Survey, Search
◦ TDS and TCS
◦ Recovery of Tax
◦ Special Procedures
◦ Approvals
◦ STT, DDT, Tax on Liquidation, Reduction and Buy Back, MAT, AMT and WT
RTI, Ombudsman
◦ Drafting of Deeds
◦ Agreement, MoU
◦ Gifts, Wills, Family Arrangements
◦ Power of Attorney, etc.
◦ Lease, Rent, License, etc.
◦ Sale/Transfer of Properties
◦ Tax Audit
◦ Income Computation & Disclosure Standards
◦ Real Estate (Regulation and Development) Act, 2016 (RERA)
◦ E-Proceedings under the Income Tax Act, 1961
◦ Prohibition of Benami Property Transactions Act, 1988
• Case Studies
◦ Tax Practice
◦ Pre-Assessment Procedures
◦ Assessment – Principles and Issues
◦ Rectification of Mistake
◦ Revision
◦ Appeals to CIT (Appeals)
◦ Appeals to – ITAT – High Court – Supreme Court
◦ Interest Payable by Assessee
◦ Penalties
◦ Prosecution
◦ Refunds
◦ Settlement of Cases
◦ Survey
◦ Search & Seizure
◦ Tax Deduction at Source
◦ Recovery of Tax
◦ Trust, Mutuality, Charity
◦ Firm
◦ LLP – Limited Liability Partnership
◦ Right to Information – RTI
◦ Agreement, MoU
◦ AOP – Association of Persons
◦ HUF – Hindu Undivided Family
◦ Gifts
◦ Wills
◦ Family Arrangements
◦ Power of Attorney
◦ Indemnity and Guarantee
◦ Lease, Rent, Leave and License
◦ Sale/Transfer of Properties
◦ Tax Audit
This document is the contents page and introduction for a book on Competition Law in India published by Taxmann Publications Pvt. Ltd. It provides an overview of the book's organization, outlines the various divisions covering the Competition Act of 2002 and associated rules and regulations, and includes standard copyright and disclaimer information for publications.
Taxmann's CLASS NOTES | Direct Tax Laws and International TaxationTaxmann
Taxmann’s CLASS NOTES for Direct Tax Laws & International Taxation is a one-stop solution to conquer the vast subject of Direct Taxation with ease. The objective behind this book is to minimize the need to consult multiple voluminous books while revising the day before the exam.
This book aims at providing all concepts in a simple language, with proper linking and a smart sequential approach. It also explains the provision of the law without resorting to paraphrasing of sections or legal jargons.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• Strictly as per the New Syllabus of ICAI
• [Pictorial Presentation/Charts with Handwritten Fonts] are used in the book for easy understanding of theoretical concepts
• [Multi-Colour Coded Book] which follows the below structure:
◦ Blue – Heading
◦ Black – Main Content
◦ Red – Summarised version of the main content
◦ Green – Amendments applicable for the examination
◦ Yellow Highlights – Key adjustments to be highly cautious of; ‘The Accident-Prone Zones’
◦ Blue Boxes – Significant selected Case Laws provided by ICAI
◦ Green Boxes – Authors personal notes for better understanding and clarity
• [Amendments for November 2021 Examination] are provided at the end of the module
Also Available:
• [65th Edition] of Taxmann’s Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann’s Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann’s CRACKER cum Compiler – Direct Tax Laws & International Taxation
Taxmann's Problems & Solutions for Direct Tax Laws & International TaxationTaxmann
Taxmann's PROBLEMS & SOLUTIONS for Direct Tax Laws & International Taxation is a compilation of questions & MCQs (prepared using handwritten fonts) from the educational materials, RTPs, MTPs and past examination papers of both old & new syllabus of ICAI (up to 30th April 2021). These are aligned with provisions applicable for Nov. 2021 Exams and are arranged Topic-wise & Chapter-wise with proper reference to the paper as well as attempt for convenience and trend analysis.
The Present Publication is the 2nd Edition (For New Syllabus) & Updated till 30th April 2021, authored by CA V. Rahul Agarwal, with the following noteworthy features:
• [Coverage of All Questions & MCQs] in handwritten fonts
◦ For Old/New Syllabus; issued up to 30th April 2021, from the following:
▹ Educational Material of ICAI
▹ RTPs & MTPs of ICAI
▹ Past Examination Papers of ICAI
◦ The above Questions & MCQs are aligned with applicable provisions for November 2021 examination
◦ Arranged 'Topic-wise' & 'Chapter-wise' with proper reference to paper as well as attempt for convenience and trend analysis
• [Ready Reckoner for the day before the exam] Special adjustments tested by ICAI have been summarised at the start of the book
Also Available:
• [65th Edition] of Taxmann's Direct Taxes Law & Practice with special reference to Tax Planning
• [2nd Edition] of Taxmann's Direct Tax Laws & International Taxation (2 Vols.)
• [2nd Edition] of Taxmann's CRACKER cum Compiler – Direct Tax Laws & International Taxation
The contents of the book are as follows:
• Summary of Special Adjustments
• Part A – Direct Taxation
◦ Basics of Income Tax
◦ Special Tax Regime
◦ Taxation of Agriculture Income
◦ Income from Salary
◦ Income from House Property
◦ Profits and Gains of Business or Profession
◦ Capital Gains
◦ Taxation of Business Re-Organisations
◦ Taxation of Distribution to Owners
◦ Income from Other Sources
◦ Taxation of Dividends & Income from Units
◦ Comprehensive Questions
◦ Assessment of Firms & LLP
◦ Assessment of AOP & BOI
◦ Assessment of Non-Profit Organization (NPO) & Exit Tax
◦ Assessment of Business Trust
◦ Assessment of Other Persons
◦ Taxation of Unexplained Income
◦ Clubbing of Income
◦ Set-Off and Carry Forward of Losses
◦ Exemptions & Sec. 10AA Deductions
◦ Chapter VI-A Deduction
◦ Minimum Alternate Tax [Section 115JB] & Alternate Minimum Tax [Section 115JC]
◦ TDS & TCS
◦ Payment of Taxes & Return Filing
◦ Assessment Procedure
◦ Appeals & Revisions
◦ Settlement Commission
◦ Tax Planning, Avoidance & Evasion
◦ Penalties, Offence & Prosecution
◦ Liability in Special Cases
◦ Statement of Financial Transactions (SFT) & Miscellaneous Provisions
• Part B – International Taxation
◦ Transfer Pricing & Related Provisions
◦ Residential Status & Scope of Total Income
◦ Non-Resident Taxation
• Part C – Suggested Answers (Amended as Applicable for A.Y. 2021-22)
Taxmann's 20 REVISED DUE DATES under Income-tax ActTaxmann
In view of the COVID-19 pandemic, the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 (TLA Act, 2020) has extended various due dates of compliances. The due dates so extended by the TLA Act, 2020 have been extended again on multiple occasions by the CBDT. The CBDT has again extended the due dates for certain compliances and has also announced to provide tax exemption for the expenditure incurred by the taxpayers on COVID-19 treatment. Further, the ex-gratia or any compensation received by the family members of any person who succumbed to COVID-19 will be exempt from tax. The impact of new notifications and circulars on various time barring dates and certain compliance of the Income-tax Act are discussed in the below paragraph.
Taxmann's MCQs and Integrated Case Studies on Advanced Auditing and Professio...Taxmann
1. ABC Ltd is a leading pharmaceutical company acquired by XYZ Ltd 5 years ago. XYZ Ltd holds 75% shares of ABC Ltd.
2. The governments of Punjab, Haryana and Rajasthan collectively hold 51.5% shares of XYZ Ltd.
3. The auditor of ABC Ltd, Mr. Shyam, resigned on 29th Oct 2020 due to medical reasons but failed to inform the authorities.
4. RMT & Co was appointed to fill the casual vacancy created by Mr. Shyam's resignation as statutory auditor of ABC Ltd.
Garments ERP Software in Bangladesh _ Pridesys IT Ltd.pdfPridesys IT Ltd.
Pridesys Garments ERP is one of the leading ERP solution provider, especially for Garments industries which is integrated with
different modules that cover all the aspects of your Garments Business. This solution supports multi-currency and multi-location
based operations. It aims at keeping track of all the activities including receiving an order from buyer, costing of order, resource
planning, procurement of raw materials, production management, inventory management, import-export process, order
reconciliation process etc. It’s also integrated with other modules of Pridesys ERP including finance, accounts, HR, supply-chain etc.
With this automated solution you can easily track your business activities and entire operations of your garments manufacturing
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3. In the previous year’s Union Budget, “Sabka Vishwas” Scheme
was brought in to reduce litigations in indirect taxes. In this
year’s Union Budget for fiscal year 2020-21, it has been proposed
to bring out a scheme known as ‘Vivad Se Vishwas Scheme
2020’, for reducing the direct tax litigation.
A huge amount of disputed income-tax arrears are locked-up
in the income-tax appeals. As on the 30th November, 2019, the
amount of disputed direct tax arrears were Rs. 9.32 lakh crores.
Considering that the actual direct tax collection in the financial
year 2018-19 was Rs.11.37 lakh crores, the disputed tax arrears
constitute nearly one-year direct tax collection.
Tax disputes consume copious amount of time, energy and
resources both on the part of the Government as well as
taxpayers. Moreover, they also deprive the Government of the
timely collection of revenue. Therefore, an urgent need has been
felt by the Government, to provide for resolution of pending
income-tax disputes. This will not only benefit the Government
by generating timely revenue but also the taxpayers who will be
able to deploy the time, energy and resources saved by opting for
such dispute resolution towards their business activities.
The Direct Tax Vivad Se Vishwas Bill, 2020, has been first
introduced in the Lok Sabha on 5.2.2020, and thereafter, an
Amendment Bill containing several amendments, has been
moved in the Lok Sabha on 2.3.2020 and has been passed on
4.3.2020.
Preface
I-7
4. The Direct Tax Vivad Se Vishwas Bill, 2020, being a Money Bill,
has been passed by a voice vote in Rajya Sabha on 13.3.2020,
and after receiving the President’s assent, this Bill is now called
as the Direct Tax Vivad Se Vishwas Act, 2020.
In this Direct Tax Dispute Resolution Scheme, the taxpayers in
whose cases, appeals are pending at any appellate level on the
specified date
i . e .
31.1.2020, or the time period for filing their
appeals has not expired on 31.1.2020, can take the benefit from
this scheme. Under the scheme, taxpayer would be required
to pay only the amount of the disputed taxes and there will be
complete waiver of interest and penalty provided they make
payment by 31st December, 2020. For disputed penalty, interest
and fee not connected with the disputed tax, the taxpayer would
be required to pay only 25% of the same for settling the dispute.
A taxpayer shall be required to pay 110% of the disputed tax (the
excess 10% shall be limited to the amount of related penalty and
interest, if any) and 30% of penalty, interest and fee in case of
payment after 31st December, 2020.
This Book serves as a ‘ready reference guide’ to help and assist
the assessees and tax practitioners in understanding all the
legislative provisions and the underlying practicalities, in this
new piece of Legislation. An honest and sincere effort has been
made in this Book to explain and demonstrate the practical
aspects and nitty-gritties of the ‘Vivad se Vishwas’ scheme in
a ‘step-by-step-manner’ through ‘numerous practical case
studies’ encompassing crucial and significant real-life income-
tax disputes of assessees.
All the practical aspects concerning the scope, coverage,
eligibility, exclusions and the amount of tax payable under
the ‘Vivad se Vishwas’ scheme have been lucidly explained with
the help of numerous practical illustrations and case studies
envisaging all possible real-life situations and scenarios of
income-tax disputes.
The litigative and crucial issues like ‘Operation Clean Money
(OCM)’ and ‘LTCG on Penny Stocks’ and the practical aspects
of settling such tax disputes in the Vivad se Vishwas scheme,
have also been discussed in detail. This Book also includes the
P R E F A C E
I-8
5. empirical analysis, findings and conclusions concerning the
most ideal income-tax disputes which may be considered by
the assessees and tax practitioners for settlement under this
‘Vivad se Vishwas’ scheme, arrived at on the basis of numerous
practical case studies.
This Book characterizes a ‘natural blend of law and practice’
concerning this new piece of Legislation, viz. “The Direct Tax
Vivad se Vishwas Act, 2020” and as such serves as an effective,
efficient, robust and handy ready referencer for the assessees
and the tax practitioners in making wise, informed and timely
decisions concerning the opting for settlement of their income-
tax disputes under this scheme, in order to optimise their taxes.
Like my first Book, “Guide to e-Assessment
”
, the idea of
this Book was also coined by my Father Sh. S.K. Mohanka,
who himself is a seasoned chartered accountant and is very
knowledgeable and meticulous in the taxation field. His sound
advice of reading and understanding carefully, the ‘in-between-
the-lines’ provisions in any piece of Legislation, has been
instrumental in penning down this piece of Book writing.
‘Learning and improving is a continuous process’ and so
honest and valuable suggestions and feedback are invited
and solicited from the ‘worthy readers’, at my e-mail id
mayankmohanka@gmail.com for further improvement.
Knowledge multiplies manifold by sharing.
It is a supreme form of wealth.
With Warm Regards
Mayank Mohanka
I-9
P R E F A C E
6. P A G E
About the Author I-5
Preface I-7
Acknowledgement I-11
About the Book I-13
Chapter-heads I-15
1
NUANCES OF THE DIRECT TAX VIVAD
SE VISHWAS ACT, 2020
1
V i v a d s e V i s h w a s S c h e m e , 2 0 2 0 : B r i d g i n g t h e D i s p u t e -
T r u s t D i v i d e
1
1.1
E n a c t m e n t i n t h e P a r l i a m e n t
2
1.2
O b j e c t i v e s & R e a s o n s
2
1.3
K e y F e a t u r e s o f t h e V i v a d s e V i s h w a s S c h e m e , 2 0 2 0
3
1.4
O u t r e a c h M i s s i o n
15
1.5
S o m e P r o v i s i o n s i n t h e V i v a d s e V i s h w a s S c h e m e , 2 0 2 0 ,
r e q u i r i n g m o r e c l a r i t y a n d / o r r e l a x a t i o n s , f r o m t h e L a w
M a k e r s
16
1.6
C o n s t i t u t i o n a l V a l i d i t y o f S u c h T a x D i s p u t e R e s o l u t i o n
S c h e m e s
18
Contents
I-17
7. P A G E
2
SCOPE, COVERAGE & ELIGIBILITY UNDER THE
DIRECT TAX VIVAD SE VISHWAS ACT, 2020
WITH PRACTICAL CASE STUDIES
2
S c o p e , C o v e r a g e a n d E l i g i b i l i t y u n d e r t h e V i v a d S e
V i s h w a s T a x D i s p u t e R e s o l u t i o n S c h e m e , 2 0 2 0
20
2.1
C a s e S t u d i e s o n S c o p e , C o v e r a g e & E l i g i b i l i t y p a r a -
m e t e r s o f V i v a d s e V i s h w a s T a x D i s p u t e R e s o l u t i o n
S c h e m e , 2 0 2 0
23
3
EXCLUSIONS IN THE DIRECT TAX VIVAD SE
VISHWAS ACT, 2020 WITH PRACTICAL
CASE STUDIES
3
E x p r e s s E x c l u s i o n s u n d e r t h e D i r e c t T a x V i v a d s e
V i s h w a s A c t , 2 0 2 0
56
3.1
C a s e S t u d i e s o n ‘ E x p r e s s E x c l u s i o n s ’ i n t h e D i r e c t T a x
V i v a d s e V i s h w a s A c t , 2 0 2 0
59
4
MEANING & COMPUTATION OF ‘DISPUTED TAX’
WITH PRACTICAL CASE STUDIES
4
U n d e r s t a n d i n g t h e M e a n i n g o f ‘ T a x A r r e a r s ’
65
4.1
U n d e r s t a n d i n g t h e M e a n i n g o f ‘ D i s p u t e d T a x ’
65
4.2
P r a c t i c a l I l l u s t r a t i o n s & C a s e S t u d i e s e x p l a i n i n g t h e
M e a n i n g & C o m p u t a t i o n o f ‘ D i s p u t e d T a x ’ u / s 2 ( 1 ) (
j
) o f
t h e D i r e c t T a x V i v a d s e V i s h w a s A c t , 2 0 2 0
67
C O N T E N T S
I-18
8. P A G E
5
COMPUTATION OF TAX PAYABLE UNDER THE VIVAD
SE VISHWAS SCHEME WITH PRACTICAL
CASE STUDIES
5
T a x P a y a b l e u n d e r t h e D i r e c t T a x V i v a d s e V i s h w a s A c t ,
2 0 2 0
109
5.1
P r a c t i c a l C a s e S t u d i e s o n ‘ T a x P a y a b l e ’ b y t h e D e c l a r a n t /
A s s e s s e e u n d e r t h e D i r e c t T a x V i v a d s e V i s h w a s A c t ,
2 0 2 0
111
6
OPERATION CLEAN MONEY (OCM)/
DEMONETISATION CASES & VIVAD SE VISHWAS TAX
DISPUTE RESOLUTION SCHEME, 2020
6
O p e r a t i o n C l e a n M o n e y
155
6.1
C B D T G u i d e l i n e s f o r S o u r c e S p e c i fi c V e r i fi c a t i o n
o f C a s h D e p o s i t s d u r i n g D e m o n e t i s a t i o n P e r i o d o f
9 - 1 1 - 2 0 1 6 t o 3 0 - 1 2 - 2 0 1 6
157
6.2
I n c r e a s e i n T a x R a t e u / s 1 1 5 B B E o f t h e I n c o m e - t a x A c t
P o s t - d e m o n e t i z a t i o n
161
6.3
P r o h i b i t i o n o f R e c e i p t s o f C a s h i n e x c e s s o f
`
T w o L a k h s
( S e c t i o n 2 6 9 S T o f t h e I n c o m e - t a x A c t , 1 9 6 1 )
161
6.4
U n d e r s t a n d i n g a n d I n t e r p r e t a t i o n o f L a w c o n c e r n i n g
a d d i t i o n s b e i n g m a d e u / s s 6 8 , 6 9 , 6 9 A , 6 9 B , 6 9 C r e a d
w i t h s e c t i o n 1 1 5 B B E o f t h e I n c o m e - t a x A c t , i n O C M /
D e m o n e t i s a t i o n c a s e s
162
6.5
O C M / D e m o n e t i s a t i o n C a s e s & V i v a d s e V i s h w a s T a x
D i s p u t e R e s o l u t i o n S c h e m e , 2 0 2 0
167
6.6
C a s e S t u d y o n S e t t l e m e n t o f D i s p u t e i n O C M / D e m o -
n e t i s a t i o n u n d e r V i v a d s e V i s h w a s S c h e m e , 2 0 2 0
167
6.7
F u r t h e r R e l a x a t i o n i n t h e A m o u n t o f T a x t o b e p a i d
s h o u l d b e c o n s i d e r e d , i f D i s p u t e d T a x f a l l s u n d e r s e c t i o n
1 1 5 B B E
170
I-19
C O N T E N T S
9. P A G E
7
LTCG ON PENNY STOCKS & VIVAD SE VISHWAS TAX
DISPUTE RESOLUTION SCHEME, 2020
7
L T C G o n P e n n y S t o c k s & V i v a d s e V i s h w a s S c h e m e ,
2 0 2 0
171
7.1
C a s e S t u d y o n S e t t l e m e n t o f D i s p u t e c o n c e r n i n g L o n g
T e r m C a p i t a l G a i n s o n P e n n y S t o c k s , u n d e r t h e V i v a d s e
V i s h w a s S c h e m e , 2 0 2 0
172
8
ANALYSIS OF IDEAL CASES FOR OPTING UNDER
THE VIVAD SE VISHWAS TAX DISPUTE RESOLUTION
SCHEME, 2020
8
I d e a l C a s e s f o r O p t i n g u n d e r t h e V i v a d s e V i s h w a s T a x
D i s p u t e R e s o l u t i o n S c h e m e , 2 0 2 0
176
8.1
C o n c l u s i o n s d e r i v e d f r o m t h e e m p i r i c a l fi n d i n g s
a n d o b s e r v a t i o n s b a s e d o n t h e p r a c t i c a l c a s e s t u d i e s
i l l u s t r a t e d i n p r e v i o u s c h a p t e r s
176
9
FAQs ON DIRECT TAX VIVAD SE VISHWAS ACT, 2020
9.1
F r e q u e n t l y A s k e d Q u e s t i o n s ( F A Q s ) o n V i v a d s e V i s h w a s
T a x D i s p u t e R e s o l u t i o n S c h e m e , 2 0 2 0
181
APPENDICES
u Direct Tax Vivad se Vishwas Act, 2020 205
u Direct Tax Vivad se Vishwas Rules, 2020 216
u
‘
Designated Authorities
’
under the ’Direct Tax Vivad se Vishwas
Act, 2020’ 270
u Clarifications on provisions of Direct Tax Vivad se Vishwas
Act, 2020 274
u Procedure for making declaration in Form 1 under sub-
rule (1) of Rule 3 and furnishing undertaking in Form 2 under
sub-rule (2) of Rule 3 under the Direct Tax Vivad se Vishwas
Rules, 2020 289
C O N T E N T S
I-20
10. Sample Chapter
4. UNDERSTANDING THE MEANING OF ‘TAX ARREARS’
U n d e r t h e V i v a d s e V i s h w a s T a x D i s p u t e R e s o l u t i o n S c h e m e , a l l t a x
d i s p u t e s o f t h e “ a p p e l l a n t ” , i n v o l v i n g
“tax arrears”
a s d e f i n e d u / s
2 ( 1 ) (
o
) o f t h e D i r e c t T a x V i v a d s e V i s h w a s A c t , 2 0 2 0 , a r e c o v e r e d .
S e c t i o n 2 ( 1 ) (
o
) o f t h e D i r e c t T a x V i v a d s e V i s h w a s A c t , 2 0 2 0 , d e f i n e s
t h e t e r m “ t a x a r r e a r s ” a s , “ t a x a r r e a r ” m e a n s , —
(
i
) t h e a g g r e g a t e a m o u n t o f d i s p u t e d t a x , i n t e r e s t c h a r g e a b l e o r
c h a r g e d o n s u c h d i s p u t e d t a x , a n d p e n a l t y l e v i a b l e o r l e v i e d o n
s u c h d i s p u t e d t a x ; o r
(
ii
) d i s p u t e d i n t e r e s t ;
(
iii
) d i s p u t e d p e n a l t y ; o r
(
iv
) d i s p u t e d f e e s .
4.1 UNDERSTANDING THE MEANING OF ‘DISPUTED TAX’
T h e m o s t s i g n i f i c a n t a n d c r u c i a l a s p e c t o f a n y t a x D i s p u t e R e s o l u t i o n
s c h e m e i s t h e c o n c e s s i o n / r e l a x a t i o n i n t h e a m o u n t o f t a x t o b e p a i d i n
s u c h D i s p u t e R e s o l u t i o n s c h e m e i n l i e u o f t h e t a x w h i c h i s o t h e r w i s e
p a y a b l e , h a d s u c h D i s p u t e R e s o l u t i o n s c h e m e b e e n n o t i n e x i s t e n c e .
I n t h e ‘ V i v a d S e V i s h w a s 2 0 2 0 ’ T a x D i s p u t e R e s o l u t i o n S c h e m e , a l s o , i t
h a s b e e n p r o v i d e d t h a t t h e a s s e s s e e s a v a i l i n g t h e b e n e f i t o f t h i s s c h e m e
s h a l l b e l i a b l e t o p a y o n l y t h e
‘disputed tax’
, a n d w i l l g e t i m m u n i t y f r o m
p a y i n g t h e i n t e r e s t a n d p e n a l t y o n s u c h d i s p u t e d t a x .
S o , t h e t e r m ‘ d i s p u t e d t a x ’ , o r t h e ‘ a m o u n t o f t a x p a y a b l e u n d e r t h e
s c h e m e ’ , c o n s t i t u t e s t h e f o r m i d a b l e t h r u s t o f t h i s s c h e m e o n w h i c h t h e
w h o l e f o u n d a t i o n o f t h i s D i s p u t e R e s o l u t i o n s c h e m e r e s t s .
4
MEANING & COMPUTATION OF
‘DISPUTED TAX’ WITH PRACTICAL
CASE STUDIESC H A P T E R
65
11. T h e r e f o r e , k n o w i n g t h e e x a c t m e a n i n g , s c o p e a n d c o v e r a g e o f t h i s t e r m
o f ‘ d i s p u t e d t a x ’ , i s a n e s s e n t i a l a n d c r u c i a l p r e r e q u i s i t e t o u n d e r s t a n d
a n d c o m p r e h e n d t h i s D i s p u t e R e s o l u t i o n s c h e m e f o r b e t t e r a n d i n f o r m e d
d e c i s i o n m a k i n g c o n c e r n i n g t h e o p t i n g o f t h i s s c h e m e .
4.1.1 Definition of ‘Disputed Tax’, in the Statute
T h e d e f i n i t i o n o f t h e t e r m
‘disputed tax’
i s c o n t a i n e d i n
section 2(1)(j)o f t h e D i r e c t T a x V i v a d S e V i s h w a s A c t , 2 0 2 0 .
Section 2(1)(j) of the Act, defines the term ‘disputed tax’ as under:
‘ D i s p u t e d t a x ’ , i n r e l a t i o n t o a n a s s e s s m e n t y e a r o r f i n a n c i a l y e a r , a s
t h e c a s e m a y b e , m e a n s t h e i n c o m e - t a x , i n c l u d i n g s u r c h a r g e a n d c e s s ,
( h e r e a f t e r i n t h i s c l a u s e r e f e r r e d t o a s t h e a m o u n t o f t a x ) , p a y a b l e
b y t h e a p p e l l a n t u n d e r t h e p r o v i s i o n s o f t h e I n c o m e - t a x A c t , 1 9 6 1 , a s
c o m p u t e d h e r e u n d e r :
( A ) i n a c a s e w h e r e a n y a p p e a l , w r i t p e t i t i o n o r s p e c i a l l e a v e p e t i t i o n
i s p e n d i n g b e f o r e t h e a p p e l l a t e f o r u m a s o n t h e s p e c i fi e d d a t e
( r e a d 3 1 . 1 . 2 0 2 0 ) , t h e a m o u n t o f t a x t h a t i s p a y a b l e b y t h e a p p e l
-l a n t , i f s u c h a p p e a l , w r i t p e t i t i o n o r s p e c i a l l e a v e p e t i t i o n w a s t o
b e d e c i d e d a g a i n s t h i m ;
( B ) i n a c a s e , w h e r e a n o r d e r i n a n a p p e a l o r i n w r i t p e t i t i o n h a s b e e n
p a s s e d b y t h e a p p e l l a t e f o r u m o n o r b e f o r e t h e s p e c i fi e d d a t e
( r e a d 3 1 . 1 . 2 0 2 0 ) , a n d t h e t i m e f o r fi l i n g a p p e a l o r s p e c i a l l e a v e
p e t i t i o n a g a i n s t s u c h o r d e r h a s n o t e x p i r e d a s o n t h a t d a t e , t h e
a m o u n t o f t a x p a y a b l e b y t h e a p p e l l a n t , a f t e r g i v i n g e f f e c t t o t h e
o r d e r s o p a s s e d ;
( C ) i n a c a s e , w h e r e t h e o r d e r h a s b e e n p a s s e d b y t h e A s s e s s i n g O f fi c e r
o n o r b e f o r e t h e s p e c i fi e d d a t e ( r e a d 3 1 . 1 . 2 0 2 0 ) , a n d t h e t i m e f o r
fi l i n g a p p e a l a g a i n s t s u c h o r d e r h a s n o t e x p i r e d a s o n t h a t d a t e ,
t h e a m o u n t o f t a x p a y a b l e b y t h e a p p e l l a n t , i n a c c o r d a n c e w i t h
s u c h o r d e r ;
( D ) i n a c a s e , w h e r e o b j e c t i o n fi l e d b y t h e a p p e l l a n t i s p e n d i n g b e f o r e
t h e D i s p u t e R e s o l u t i o n P a n e l u / s 1 4 4 C o f I n c o m e - t a x A c t a s o n
t h e s p e c i fi e d d a t e ( r e a d 3 1 . 1 . 2 0 2 0 ) , t h e a m o u n t o f t a x p a y a b l e
b y t h e a p p e l l a n t , i f t h e D i s p u t e R e s o l u t i o n P a n e l w a s t o c o n fi r m
t h e v a r i a t i o n p r o p o s e d i n t h e d r a f t o r d e r ;
( E ) i n a c a s e , w h e r e D i s p u t e R e s o l u t i o n P a n e l h a s i s s u e d a n y d i r e c t i o n
u / s 1 4 4 C ( 5 ) o f I n c o m e - t a x A c t , a n d t h e A s s e s s i n g O f fi c e r h a s n o t
p a s s e d t h e o r d e r u / s 1 4 4 C ( 1 3 ) , o n o r b e f o r e t h e s p e c i fi e d d a t e
( r e a d 3 1 . 1 . 2 0 2 0 ) , t h e a m o u n t o f t a x p a y a b l e b y t h e a p p e l l a n t a s
Para 4.1
M E A N I N G & C O M P U T A T I O N O F D I S P U T E D T A X
66
12. p e r t h e a s s e s s m e n t o r d e r t o b e p a s s e d b y t h e A s s e s s i n g O f fi c e r
u / s 1 4 4 C ( 1 3 ) o f I n c o m e - t a x A c t ;
( F ) i n a c a s e w h e r e a n a p p l i c a t i o n f o r r e v i s i o n u / s 2 6 4 o f t h e I n
-c o m e - t a x A c t i s p e n d i n g a s o n t h e s p e c i fi e d d a t e ( r e a d 3 1 . 1 . 2 0 2 0 ) ,
t h e a m o u n t o f t a x p a y a b l e b y t h e a p p e l l a n t , i f s u c h a p p l i c a t i o n
f o r r e v i s i o n w a s n o t t o b e a c c e p t e d :
Provided
t h a t i n a c a s e , w h e r e C o m m i s s i o n e r ( A p p e a l s ) h a s i s s u e d
a n o t i c e o f e n h a n c e m e n t u / s 2 5 1 o f t h e I n c o m e - t a x A c t , o n o r
b e f o r e t h e s p e c i fi e d d a t e ( r e a d 3 1 . 1 . 2 0 2 0 ) , t h e d i s p u t e d t a x s h a l l
b e i n c r e a s e d b y t h e a m o u n t o f t a x p e r t a i n i n g t o i s s u e s f o r w h i c h
n o t i c e o f e n h a n c e m e n t h a s b e e n i s s u e d :
Provided further
t h a t i n a c a s e w h e r e t h e d i s p u t e i n r e l a t i o n t o a n
a s s e s s m e n t y e a r r e l a t e s t o r e d u c t i o n o f t a x c r e d i t u / s 1 1 5 J A A o r
s e c t i o n 1 1 5 D o f t h e I n c o m e - t a x A c t , o r a n y l o s s o r d e p r e c i a t i o n
c o m p u t e d t h e r e u n d e r , t h e a p p e l l a n t s h a l l h a v e a n o p t i o n e i t h e r
t o i n c l u d e t h e a m o u n t o f t a x r e l a t e d t o s u c h t a x c r e d i t o r l o s s o r
d e p r e c i a t i o n i n t h e a m o u n t o f d i s p u t e d t a x , o r t o c a r r y f o r w a r d
t h e r e d u c e d t a x c r e d i t o r l o s s o r d e p r e c i a t i o n , i n s u c h m a n n e r
a s m a y b e p r e s c r i b e d .
H u m a n m e m o r y i s c o n d i t i o n e d t o u n d e r s t a n d a n d r e m e m b e r
t h e t h i n g s , e x p l a i n e d i n a p r a c t i c a l a n d d e m o n s t r a t i v e m a n n e r ,
b e t t e r a n d f a s t e r , s o a n h o n e s t a n d s i n c e r e e f f o r t h a s b e e n m a d e
i n t h e e n s u i n g p a r a g r a p h s t o e x p l a i n a n d d e m o n s t r a t e t h e p r a c
-t i c a l a s p e c t s a n d n i t t y - g r i t t i e s c o n c e r n i n g t h e m e a n i n g o f t h e
t e r m ‘ d i s p u t e d t a x ’ , a n d i t s c o m p u t a t i o n , a s d e fi n e d i n s e c t i o n
2 ( 1 ) (
j
) o f t h e A c t ( a s m e n t i o n e d
supra
) , w i t h t h e h e l p o f
‘
p r a c t i c a l
i l l u s t r a t i o n s a n d c a s e s t u d i e s . ’
4.2 PRACTICAL ILLUSTRATIONS & CASE STUDIES EXPLAINING
THE MEANING & COMPUTATION OF ‘DISPUTED TAX’ U/S 2(1)
(J) OF THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020
‘Disputed tax’
, i n r e l a t i o n t o a n a s s e s s m e n t y e a r o r f i n a n c i a l y e a r , a s
t h e c a s e m a y b e , m e a n s t h e i n c o m e - t a x , i n c l u d i n g s u r c h a r g e a n d c e s s ,
( h e r e i n a f t e r r e f e r r e d t o a s t h e a m o u n t o f t a x ) , p a y a b l e b y t h e a p p e l l a n t
u n d e r t h e p r o v i s i o n s o f t h e I n c o m e - t a x A c t , 1 9 6 1 , a s c o m p u t e d h e r e u n d e r :
4.2.1 Case Study on ‘Disputed Tax u/s 2(1)(j)(A) of the Direct Tax
Vivad Se Vishwas Act, 2020
(A) in a case where any appeal, writ petition or special leave petition
is pending before the appellate forum as on the specified date (read
67
P R A C T I C A L I L L U S T R A T I O N S & C A S E S T U D I E S
Para 4.2
13. 31.1.2020), the amount of tax that is payable by the appellant, if such
appeal, writ petition or special leave petition was to be decided against
him.
Assessee Name:
M r . P
Assessment Year:
2 0 1 7 - 1 8
Nature & section under which order
has been passed
R e g u l a r A s s e s s m e n t O r d e r u / s
1 4 3 ( 3 )
Additions/Disallowances:
T h e a d d i t i o n o f
`
5 0 , 0 0 , 0 0 0 / - u / s 6 9 A r e a d
w i t h s e c t i o n 1 1 5 B B E , t a x a b l e @ 7 8 % ( 6 0 % b a s i c t a x r a t e u / s 1 1 5 B B E
p l u s s u r c h a r g e 2 5 % ) , h a s b e e n m a d e , o n a c c o u n t o f c o n s i d e r i n g t h e c a s h
d e p o s i t s m a d e b y a s s e s s e e i n h i s b a n k a c c o u n t d u r i n g t h e d e m o n e t i
-z a t i o n p e r i o d , f r o m 9 . 1 1 . 2 0 1 6 t i l l 3 1 . 1 2 . 2 0 1 6 , a s u n e x p l a i n e d d e p o s i t s .
Date of Passing of Order:
2 8 . 1 2 . 2 0 1 9
Date of Receipt of Order & Demand Notice u/s 156:
2 8 . 1 2 . 2 0 1 9
I n ‘ e - P r o c e e d i n g s ’ w i n d o w , t h e a s s e s s e e r e c e i v e s t h e a s s e s s m e n t o r d e r
a s s o o n a s t h e o r d e r i s u p l o a d e d b y t h e A O i n t h e r e g i s t e r e d e - f i l i n g a / c
o f t h e a s s e s s e e .
TheComputationofIncomeandIncome-taxDemandu/s156,pursuant
to the said Regular Assessment Order for AY 2017-18:
( R s . )
R e t u r n e d I n c o m e : 8 , 0 0 , 0 0 0 / -
A d d i t i o n o n a c c o u n t o f u n e x p l a i n e d i n v e s t m e n t u / s 6 9 A r e a d
w i t h s e c t i o n 1 1 5 B B E ( t a x a b l e @ 7 8 % a s a b o v e )
5 0 , 0 0 , 0 0 0 / -
A s s e s s e d I n c o m e : 5 8 , 0 0 , 0 0 0 / -
T a x L i a b i l i t y
(a)
: 3 9 , 8 7 , 3 7 0 / -
A d d : I n t e r e s t u / s 2 3 4 B / 2 3 4 C
(b)
: 1 4 , 7 6 , 0 0 0 / -
T o t a l T a x L i a b i l i t y
(c)
: 5 4 , 6 3 , 3 7 0 / -
L e s s : T a x a l r e a d y p a i d
(d)
: 8 7 , 3 7 0 / -
N e t T a x L i a b i l i t y
(e)
: 5 3 , 7 6 , 0 0 0 / -
A g g r i e v e d b y t h e s a i d a d d i t i o n , t h e a s s e s s e e M r . P , h a s e - f i l e d a n a p p e a l
b e f o r e C I T ( A p p e a l s ) , u / s 2 4 6 A , i n t h e p r e s c r i b e d F o r m 3 5 , o n 2 7 . 1 . 2 0 2 0 ,
i.e
. w i t h i n 3 0 d a y s f r o m t h e r e c e i v i n g o f t h e a s s e s s m e n t o r d e r u / s 1 4 3 ( 3 )
o n 2 8 . 1 2 . 2 0 1 9 .
T h e r e f o r e , t h e a p p e a l o f t h e a s s e s s e e M r . P i s p e n d i n g o n t h e s p e c i f i e d d a t e
o n 3 1 . 1 . 2 0 2 0 , b e f o r e t h e s p e c i f i e d a p p e l l a t e a u t h o r i t y
i.e.
C I T ( A p p e a l s ) .
Para 4.2
M E A N I N G & C O M P U T A T I O N O F D I S P U T E D T A X
68
14. T h e r e f o r e , t h i s c a s e i s c o v e r e d u n d e r s e c t i o n 2 ( 1 ) (
j
) ( A ) o f t h e D i r e c t T a x
V i v a d S e V i s h w a s A c t , 2 0 2 0 a n d a c c o r d i n g l y t h e D i s p u t e d T a x p a y a b l e
w o u l d b e t h e a m o u n t o f t a x t h a t i s p a y a b l e b y t h e a p p e l l a n t M r . P , i f h i s
a p p e a l b e f o r e t h e C I T ( A p p e a l s ) , w a s t o b e d e c i d e d a g a i n s t h i m .
T h e a s s e s s e e M r . P h a s f i l e d h i s a p p e a l a g a i n s t t h e a d d i t i o n o f
`
5 0 , 0 0 , 0 0 0 / -
m a d e b y t h e A O , u / s 6 9 A r e a d w i t h s e c t i o n 1 1 5 B B E o f t h e I n c o m e - t a x
A c t , o n a c c o u n t o f c o n s i d e r i n g t h e c a s h d e p o s i t s d u r i n g t h e d e m o n e
-t i s a t i o n p e r i o d a s u n e x p l a i n e d i n v e s t m e n t s , i n t h e r e g u l a r a s s e s s m e n t
o r d e r f o r A Y 2 0 1 7 - 1 8 . S o , t h e ‘ d i s p u t e d t a x ’ , i n t h i s c a s e w o u l d b e t h e
i n c o m e - t a x a n d s u r c h a r g e p a y a b l e ( e x c l u d i n g i n t e r e s t u / s 2 3 4 B / C ) ,
o n t h e a d d i t i o n o f
`
5 0 , 0 0 , 0 0 0 / - , a s i f t h e a p p e a l o f t h e a s s e s s e e M r . P ,
b e f o r e t h e C I T ( A p p e a l s ) , h a s b e e n d e c i d e d a g a i n s t h i m .
Computation of ‘Disputed Tax’ u/s 2(1)(j)(A) of the Act, in this Case
Study
Total Tax Liability
( i n c l u d i n g I n c o m e t a x & s u r c h a r g e p l u s
i n t e r e s t u / s 2 3 4 B / 2 3 4 C ) a s p e r c o l u m n
(c)
i n N o t i c e o f D e m a n d
u / s 1 5 6 , a b o v e :
`
5 4 , 6 3 , 3 7 0 / -
Less: Tax Already Paid on Returned Income
a s p e r c o l u m n
(d)
i n N o t i c e o f D e m a n d u / s 1 5 6 , a b o v e `
8 7 , 3 7 0 / -
Tax Arrears Payable
u / s 2 ( 1 ) (
o
) (
i
) o f t h e D i r e c t T a x V i v a d S e
V i s h w a s A c t , 2 0 2 0 `
5 3 , 7 6 , 0 0 0 / -
Less: Interest u/s 234B/C
a s p e r c o l u m n
(b)
i n N o t i c e o f
D e m a n d u / s 1 5 6 , a b o v e , i n r e s p e c t o f d i s p u t e d t a x `
1 4 , 7 6 , 0 0 0 / -
Disputed Tax u/s 2(1)(j)(A) of the Act `39,00,000/-
Computation of Disputed Tax as per Schedule A annexed to Form 1
(Declaration Form)
S.
No.
PARTICULARS Amount in
INR
A T o t a l i n c o m e a s p e r o r d e r a g a i n s t w h i c h a p p e a l
fi l e d o r t o b e fi l e d
A 5 8 , 0 0 , 0 0 0
B D i s p u t e d i n c o m e o u t o f A B 5 0 , 0 0 , 0 0 0
(
i
) R e l a t i n g t o i s s u e s , w h i c h h a v e b e e n d e c i d e d
i n f a v o u r o f a s s e s s e e i n h i s c a s e f o r a n y
a s s e s s m e n t y e a r b y I T A T ( a n d s u c h o r d e r
h a s n o t b e e n s u b s e q u e n t l y r e v e r s e d b y t h e
H i g h C o u r t ) o r H i g h C o u r t ( a n d s u c h o r d e r
B (
i
) N I L
69
P R A C T I C A L I L L U S T R A T I O N S & C A S E S T U D I E S
Para 4.2
15. S.
No.
PARTICULARS Amount in
INR
h a s n o t b e e n s u b s e q u e n t l y R e v e r s e d b y t h e
S u p r e m e C o u r t . )
(
ii
) R e l a t i n g t o i s s u e s o t h e r t h a n B ( i ) B (
ii
) 5 0 , 0 0 , 0 0 0
C D i s p u t e d t a x i n r e l a t i o n t o d i s p u t e d i n c o m e
a t B (
i
)
C N i l
D D i s p u t e d t a x i n r e l a t i o n t o d i s p u t e d i n c o m e
a t B (
ii
)
D 3 9 , 0 0 , 0 0 0
E T a x e f f e c t o f e n h a n c e m e n t , i f a n y , b y C I T ( A ) E N i l
F
Total disputed tax (C+D+E) F 39,00,000
G I n t e r e s t c h a r g e d o n d i s p u t e d t a x G 1 4 , 7 6 , 0 0 0
H P e n a l t y l e v i e d o n d i s p u t e d t a x H N i l
I T a x a r r e a r s ( F + G + H ) I 5 3 , 7 6 , 0 0 0
Conclusion:
T h u s , i n t h e a b o v e C a s e S t u d y , e n v i s a g i n g t h e s i t u a t i o n
u / s 2 ( 1 ) (
j
) ( A ) o f t h e D i r e c t T a x V i v a d S e V i s h w a s A c t , 2 0 2 0 , t h e i n c o m e
t a x l i a b i l i t y o f t h e a s s e s s e e M r . P , a s i t e x i s t e d b e f o r e t h e o p t i n g o f t h i s
D i s p u t e R e s o l u t i o n s c h e m e w a s
`
5 3 , 7 6 , 0 0 0 / - . H o w e v e r , t h e d i s p u t e d
t a x p a y a b l e b y h i m , i f t h i s D i s p u t e R e s o l u t i o n s c h e m e i s b e i n g o p t e d b y
h i m , c o m e s o u t t o
`
3 9 , 0 0 , 0 0 0 / - . T h i s r e d u c t i o n i n t a x l i a b i l i t y u n d e r t h i s
D i s p u t e R e s o l u t i o n s c h e m e i s o n a c c o u n t o f i m m u n i t y f r o m t h e p a y m e n t
o f i n t e r e s t u / s 2 3 4 B & 2 3 4 C o f t h e I n c o m e - t a x A c t o f
`
1 4 , 7 6 , 0 0 0 / - .
4.2.2 Case Study on ‘Disputed Tax u/s 2(1)(j)(B) of the Direct Tax
Vivad Se Vishwas Act, 2020
(B) In a case, where an order in an appeal or in writ petition has been
passed by the appellate forum on or before the specified date (read
31.1.2020), and the time for filing appeal or special leave petition against
such order has not expired as on that date, the amount of tax payable
by the appellant, after giving effect to the order so passed.
Assessee Name:
M r . Q
Assessment Year:
2 0 1 6 - 1 7
Nature & section under which order has
been passed
R e g u l a r A s s e s s m e n t O r d e r
u / s 1 4 3 ( 3 )
Additions/Disallowances:
T h e a d d i t i o n o f
`
1 , 0 0 , 0 0 , 0 0 0 / - u / s 6 8 r e a d
w i t h s e c t i o n 1 1 5 B B E , t a x a b l e @ m a x i m u m m a r g i n a l t a x r a t e u / s 1 1 5 B B E ,
h a s b e e n m a d e , o n a c c o u n t o f c o n s i d e r i n g t h e l o n g - t e r m c a p i t a l g a i n s
Para 4.2
M E A N I N G & C O M P U T A T I O N O F D I S P U T E D T A X
70
16. e a r n e d b y t h e a s s e s s e e M r . Q , o n s a l e o f l i s t e d s h a r e s o f M / s . K a p p a c
P h a r m a , ( a p e n n y s t o c k ) , o n r e c o g n i s e d s t o c k e x c h a n g e , a s b o g u s /
a c c o m m o d a t i o n e n t r y .
Date of Passing of Order:
2 8 . 1 2 . 2 0 1 8
Date of Receipt of Order & Demand Notice u/s 156:
2 9 . 1 2 . 2 0 1 8
TheComputationofIncomeandIncomeTaxDemandu/s156,pursuant
to the said Regular Assessment Order for AY 2016-17:
R e t u r n e d I n c o m e : 1 5 , 0 0 , 0 0 0 / -
A d d i t i o n o n a c c o u n t o f b o g u s l o n g - t e r m c a p i t a l g a i n o n s a l e
o f a p e n n y s t o c k u / s 6 8 r e a d w i t h s e c t i o n 1 1 5 B B E ( t a x a b l e @
m a x i m u m m a r g i n a l t a x r a t e )
1 0 0 , 0 0 , 0 0 0 / -
A s s e s s e d I n c o m e : 1 , 1 5 , 0 0 , 0 0 0 / -
I n c o m e T a x L i a b i l i t y ( i n c l u d i n g s u r c h a r g e & e d u c a t i o n c e s s )
(a)
: 3 5 , 8 4 , 0 0 0 / -
A d d : I n t e r e s t u / s 2 3 4 B / 2 3 4 C
(b)
: 1 2 , 2 0 , 0 0 0 / -
T o t a l T a x L i a b i l i t y
(c)
: 4 8 , 0 4 , 0 0 0 / -
L e s s : T a x a l r e a d y p a i d
(d)
: 2 , 8 4 , 0 0 0 / -
N e t T a x L i a b i l i t y
(e)
: 4 5 , 2 0 , 0 0 0 / -
A g g r i e v e d b y t h e s a i d a d d i t i o n , t h e a s s e s s e e M r . Q , h a s e - f i l e d a n a p p e a l
b e f o r e C I T ( A p p e a l s ) , u / s 2 4 6 A , i n t h e p r e s c r i b e d F o r m 3 5 , o n 2 7 . 1 . 2 0 1 9 ,
i.e.
w i t h i n 3 0 d a y s f r o m t h e r e c e i v i n g o f t h e a s s e s s m e n t o r d e r u / s 1 4 3 ( 3 )
o n 2 8 . 1 2 . 2 0 1 8 .
H o w e v e r , t h e a p p e a l o f t h e a s s e s s e e w a s d e c i d e d a g a i n s t h i m b y t h e C I T
( A p p e a l s )
vide
a p p e a l o r d e r d a t e d 2 9 . 1 . 2 0 2 0 , w h i c h h a s b e e n u p l o a d e d
o n t h e r e g i s t e r e d e - f i l i n g a c c o u n t o f t h e a s s e s s e e o n t h e s a m e d a y a n d
a s s u c h i s d e e m e d t o b e r e c e i v e d b y t h e a s s e s s e e o n 2 9 . 1 . 2 0 2 0 o n l y .
T h e a s s e s s e e M r . Q h a s y e t t o f i l e a n a p p e a l b e f o r e t h e n e x t h i g h e r
a p p e l l a t e a u t h o r i t y , I n c o m e T a x A p p e l l a t e T r i b u n a l ( I T A T ) , a g a i n s t t h e
s a i d C I T A p p e a l O r d e r d a t e d 2 9 . 1 . 2 0 2 0 .
I n t h i s c a s e s t u d y , t h e a p p e a l o r d e r , d i s p o s i n g o f t h e a p p e a l o f t h e a s
-s e s s e e M r . Q , f o r t h e A Y 2 0 1 6 - 1 7 , h a s b e e n p a s s e d b y t h e C I T ( A p p e a l s )
o n 2 9 . 1 . 2 0 2 0 ,
i.e
. b e f o r e t h e s p e c i f i e d d a t e o f 3 1 . 1 . 2 0 2 0 .
F u r t h e r , t h e a s s e s s e e M r . Q h a s a t i m e p e r i o d o f 6 0 d a y s f r o m t h e d a t e
o f r e c e i p t o f t h e C I T ( A p p e a l s ) O r d e r o n 2 9 . 1 . 2 0 2 0 ,
i.e
. u p t i l l 3 0 . 3 . 2 0 2 0 ,
t o f i l e a n a p p e a l b e f o r e t h e I T A T a g a i n s t t h e s a i d o r d e r .
T h e r e f o r e , t h e t i m e f o r f i l i n g a n a p p e a l a g a i n s t t h e a p p e a l o r d e r p a s s e d
b y t h e C I T ( A p p e a l s ) o n 2 9 . 1 . 2 0 2 0 , h a s n o t e x p i r e d a s o n t h e s p e c i f i e d
d a t e o f 3 1 . 1 . 2 0 2 0 .
71
P R A C T I C A L I L L U S T R A T I O N S & C A S E S T U D I E S
Para 4.2
17. S o , t h i s c a s e i s c o v e r e d u n d e r s e c t i o n 2 ( 1 ) (
j
) ( B ) o f t h e D i r e c t T a x V i v a d
S e V i s h w a s A c t , 2 0 2 0 a n d a c c o r d i n g l y t h e D i s p u t e d T a x p a y a b l e w o u l d
b e t h e a m o u n t o f t a x p a y a b l e b y M r . Q , a f t e r g i v i n g e f f e c t t o t h e a p p e a l
o r d e r d a t e d 2 9 . 1 . 2 0 2 0 , p a s s e d b y t h e C I T ( A p p e a l s ) f o r t h e A Y 2 0 1 6 - 1 7 .
T h e a s s e s s e e M r . Q h a s f i l e d h i s a p p e a l b e f o r e t h e C I T ( A p p e a l s ) a g a i n s t
t h e a d d i t i o n o f
`
1 0 0 , 0 0 , 0 0 0 m a d e b y t h e A O , u / s 6 8 r e a d w i t h s e c t i o n
1 1 5 B B E o f t h e I n c o m e - t a x A c t , o n a c c o u n t o f c o n s i d e r i n g t h e l o n g -
t e r m c a p i t a l g a i n o n s a l e o f l i s t e d p e n n y s t o c k a s b o g u s , i n t h e r e g u l a r
a s s e s s m e n t o r d e r f o r A Y 2 0 1 6 - 1 7 .
S o , t h e ‘ d i s p u t e d t a x ’ , a f t e r g i v i n g e f f e c t t o t h e o r d e r o f C I T ( A p p e a l s ) ,
p a s s e d o n 2 9 . 1 . 2 0 2 0 , i n t h i s c a s e w o u l d b e t h e i n c o m e t a x a n d s u r c h a r g e
p a y a b l e ( e x c l u d i n g i n t e r e s t u / s 2 3 4 B / 2 3 4 C ) , b y M r . Q , o n t h e a d d i t i o n
o f
`
1 , 0 0 , 0 0 , 0 0 0 .
Computation of ‘Disputed Tax’ u/s 2(1)(j)(B) of the Act, in this Case
Study
Total Tax Liability
( i n c l u d i n g I n c o m e t a x & s u r c h a r g e p l u s
i n t e r e s t u / s 2 3 4 B / 2 3 4 C ) , a s p e r c o l u m n N o . (
c
) i n N o t i c e u / s
1 5 6 o f I n c o m e - t a x A c t , a b o v e :
`
4 8 , 0 4 , 0 0 0 / -
Less: Tax already paid
, a s p e r c o l u m n N o . (
d
) i n N o t i c e u / s
1 5 6 o f I n c o m e - t a x A c t , a b o v e : `
2 , 8 4 , 0 0 0 / -
Tax Arrears Payable
u / s 2 ( 1 ) (
o
) (
i
) o f t h e D i r e c t T a x V i v a d S e
V i s h w a s A c t , 2 0 2 0 `
4 5 , 2 0 , 0 0 0 / -
Less: Interest u/s 234B/234C
a s p e r c o l u m n N o . (
b
) i n N o t i c e
u / s 1 5 6 o f I n c o m e T a x A c t , a b o v e , i n r e s p e c t o f d i s p u t e d t a x . `
1 2 , 2 0 , 0 0 0 / -
Disputed Tax u/s 2(1)(j)(B) of the Act `33,00,000/-
Computation of Disputed Tax as per Schedule A annexed to Form 1
(Declaration Form)
S.
No.
PARTICULARS Amount
in INR
A T o t a l i n c o m e a s p e r o r d e r a g a i n s t w h i c h a p p e a l fi l e d
o r t o b e fi l e d
A 1 , 1 5 , 0 0 , 0 0 0
B D i s p u t e d i n c o m e o u t o f A B 1 , 0 0 , 0 0 , 0 0 0
(
i
) R e l a t i n g t o i s s u e s , w h i c h h a v e b e e n d e c i d e d i n f a v o u r
o f a s s e s s e e i n h i s c a s e f o r a n y a s s e s s m e n t y e a r b y
I T A T ( a n d s u c h o r d e r h a s n o t b e e n s u b s e q u e n t l y
r e v e r s e d b y t h e H i g h C o u r t ) o r H i g h C o u r t ( a n d s u c h
o r d e r h a s n o t b e e n s u b s e q u e n t l y R e v e r s e d b y t h e
S u p r e m e C o u r t . )
B (
i
) N I L
Para 4.2
M E A N I N G & C O M P U T A T I O N O F D I S P U T E D T A X
72
18. Case Studies & Procedures Under
Direct Tax Vivad Se
Vishwas Act 2020
Understand the Practical Aspects of the Scheme through Practical
Case Studies Encompassing Real Income-tax Disputes | Updated till
5th October 2020
Author : Mayank Mohanka
Date of Publication : October 2020
Binding : Paperback
Weight (kgs) : 0.335INR 895 | USD 25
Edition : 3rd Edition 2020
ISBN No. : 9789390128723
No. of Pages : 312
Description
The book is a ready-referencer, to assist the assessees and tax practitioners, in under-
standing the legislative provisions and the practicalities of Vivad se Vishwas Act, in a step-by-
step manner. The book also explains the practical aspects of the scheme through practical
case studies encompassing real income-tax disputes. This book will help you make wise,
informed and timely decisions about opting the scheme to settle the tax dispute.
The Present Publication is the 3rd Edition, as amended by the Taxation and Other Laws
(Relaxation and Amendment of Certain Provisions) Act, 2020 & updated till 5th October,
2020. This book incorporates the following:
u All the legislative provisions of the scheme explained with the help of illustrative
case studies
u Covering case-studies on the following issues:
l Scope, Coverage and Eligibility
l Exclusions
l Computation of Tax Arrears
l Computation of Disputed Tax
l Computation of Disputed Interest and Penalty
l Computation of Tax Payable under the Scheme
u Detailed analysis of Operation Clean Money and Demonetisation Cases
u Case studies on long-term capital gain arising from the sale of penny stocks
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