Guided by “Sabka Saath, Sabka Vikas, Sabka Vishwas”, the Finance Minister Smt. Nirmala Sitharaman had introduced a new No Dispute but Trust Scheme – ‘Vivad Se Vishwas’ in the Budget 2020 in the Lok Sabha on 5th February, 2020. Expectations are that the new scheme will work better than erstwhile similar scheme “The Direct Tax Dispute Resolution Scheme, 2016”, given the kind of cases that are in appeal.
To know more:https://itatorders.in/blog/eligible-person-under-vivad-se-vishwas-scheme-2020/
Get consultation under the VSV scheme and calculate your taxes : https://www.itatorders.in/vsvcalculator
OBJECTIVE
The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the Parliament on 5th February, 2020 and subsequently amended. The webinar shall deal with the frequently asked questions relating to the scheme. It shall discuss the issues faced by the taxpayers in the dispute resolution scheme.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for
dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
The Direct Tax Vivad se Vishwas Rules, 2020 ('the Rules') have been notified. The Rules inter alia laid down the procedure and the forms, which need to be filled in. Further, along with detailed instructions for taxpayers to file the declaration and the undertaking; e-filing utility has also been enabled.
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods.In this webinar, we shall know when an assessment can be made and when shall an appeal be made before a commissioner, High Court and Supreme Court.
The subject matter experts of VsV Bill 2020 gives presentation about the thorough analysis of the bill, the amendments made and how its going to affect taxpayers (directly or indirectly) in the long run. See More :https://www2.deloitte.com/in/en/services/tax.html
OBJECTIVE
The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the Parliament on 5th February, 2020 and subsequently amended. The webinar shall deal with the frequently asked questions relating to the scheme. It shall discuss the issues faced by the taxpayers in the dispute resolution scheme.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for
dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
The Direct Tax Vivad se Vishwas Rules, 2020 ('the Rules') have been notified. The Rules inter alia laid down the procedure and the forms, which need to be filled in. Further, along with detailed instructions for taxpayers to file the declaration and the undertaking; e-filing utility has also been enabled.
OBJECTIVE
Customs duty is an indirect tax, which is a tax on the goods and not a tax on the person having or owning the goods.In this webinar, we shall know when an assessment can be made and when shall an appeal be made before a commissioner, High Court and Supreme Court.
The subject matter experts of VsV Bill 2020 gives presentation about the thorough analysis of the bill, the amendments made and how its going to affect taxpayers (directly or indirectly) in the long run. See More :https://www2.deloitte.com/in/en/services/tax.html
Show Cause Notices, Adjudication & Introduction to Appeals under GSTGST Law India
This presentation gives a detailed information on show cause notices, reply to SCN, identification of deficiencies in SCN, the scope of writ, the procedure for adjudication under GST and lastly how to file appeal - drafting, its effect, and remedy.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
concept of input tax and input service distributorGST Law India
This presentation provides a detailed information on input tax credit, when and in which manner ITC could be taken, restrictions in taking ITC, reversal, transfer, utilization of ITC and about input service distributor under GST.
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
Revelation of Provisional Attachments under GST Taxmann
In the recent past, the GST Authorities have excessively invoked the provisions of provisional attachment and attached Bank Accounts of various taxpayers. In many cases, the taxpayers have challenged the said action of the Dept before the Hon'ble High Courts. In fact Hon'ble Gujarat High Court has provided that around 10 cases relating to provisional attachment are listed everyday before it for hearing.
Now, the Finance Bill, 2021 has further enlarged the scope of situations where properties can be provisionally attached under the GST provisions. This will lead to increase in number of litigations in the near future.
In the above backdrop, in this video we have discussed the following:
a) About the Provisional attachment including the provisions given under the GST laws
b) Procedure followed by the Dept. for attaching property provisionally
c) High observations in the recent past cases
d) Amendments proposed by the Finance Bill 2021
e) How one can handle provisional attachment
f) Concluding remarks
Trust you would find this useful.
According to the in-depth analysis, the VsV Bill results in a win-win situation for both the government and the Taxpayer. While the VsV Bill will help in reducing the overall litigations as of date, it is equally important for the government to also chalk out a plan to reduce future litigations. See More :https://www2.deloitte.com/in/en/services/tax.html
Provisions related to Assessment, Audit, Demand and Recovery under GSTGST Law India
Find out the detailed explanation of the provisions related to Assessment, Audit under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Regular requirements of income tax to be complied be companies branch office-...Masum Gazi
Regular requirements of Income Tax required to comply by a company/Branch office/Liaison office/Bank/Non-Banking Financial Institutions/Insurance company/NGOs etc. according to the Income Tax Ordinance and Income Tax Rules 1984
Vivaad Se vishwas scheme has been introduced by Government of India to provide one time opportunity for settlement of pending litigation by paying the basic tax amount and complete waiver of interest and penalty.
Show Cause Notices, Adjudication & Introduction to Appeals under GSTGST Law India
This presentation gives a detailed information on show cause notices, reply to SCN, identification of deficiencies in SCN, the scope of writ, the procedure for adjudication under GST and lastly how to file appeal - drafting, its effect, and remedy.
OBJECTIVE
Under GST, the supplier of goods or services is liable to pay the tax to the Government. However, under the reverse charge mechanism (RCM), the liability to pay GST is cast on the recipient of the goods or services. Reverse charge means the liability to pay tax is on the recipient of supply of goods or services instead of the supplier of such goods or services in respect of notified categories of supply. In this webinar, we shall understand the applicability and provisions of RCM under GST.
concept of input tax and input service distributorGST Law India
This presentation provides a detailed information on input tax credit, when and in which manner ITC could be taken, restrictions in taking ITC, reversal, transfer, utilization of ITC and about input service distributor under GST.
Key Takeaways:
- Rationale for Introducing Penalty Provisions
- Consequences of Fake Invoicing under Income Tax Act and GST
- Legal Proceedings and Compounding of Offences
- Judicial Precedents
Revelation of Provisional Attachments under GST Taxmann
In the recent past, the GST Authorities have excessively invoked the provisions of provisional attachment and attached Bank Accounts of various taxpayers. In many cases, the taxpayers have challenged the said action of the Dept before the Hon'ble High Courts. In fact Hon'ble Gujarat High Court has provided that around 10 cases relating to provisional attachment are listed everyday before it for hearing.
Now, the Finance Bill, 2021 has further enlarged the scope of situations where properties can be provisionally attached under the GST provisions. This will lead to increase in number of litigations in the near future.
In the above backdrop, in this video we have discussed the following:
a) About the Provisional attachment including the provisions given under the GST laws
b) Procedure followed by the Dept. for attaching property provisionally
c) High observations in the recent past cases
d) Amendments proposed by the Finance Bill 2021
e) How one can handle provisional attachment
f) Concluding remarks
Trust you would find this useful.
According to the in-depth analysis, the VsV Bill results in a win-win situation for both the government and the Taxpayer. While the VsV Bill will help in reducing the overall litigations as of date, it is equally important for the government to also chalk out a plan to reduce future litigations. See More :https://www2.deloitte.com/in/en/services/tax.html
Provisions related to Assessment, Audit, Demand and Recovery under GSTGST Law India
Find out the detailed explanation of the provisions related to Assessment, Audit under the dual GST Law for the efficient tax administration from the presentation. Give it a read and we would love to know your feedback!
Regular requirements of income tax to be complied be companies branch office-...Masum Gazi
Regular requirements of Income Tax required to comply by a company/Branch office/Liaison office/Bank/Non-Banking Financial Institutions/Insurance company/NGOs etc. according to the Income Tax Ordinance and Income Tax Rules 1984
Vivaad Se vishwas scheme has been introduced by Government of India to provide one time opportunity for settlement of pending litigation by paying the basic tax amount and complete waiver of interest and penalty.
OBJECTIVE
Honourable Finance Minister Nirmala Sitharaman, in the Speech of Budget 2020-21, proposed to introduce The Direct Tax Vivad se Vishwas Act, 2020 for dispute resolution related to direct taxes. Similar scheme known as the 'Sabka Vishwas' was introduced in 2019 for dispute resolution under Legacy Indirect Taxes. The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in the parliament on 5th February, 2020. In this webinar, we shall under the provisions of the Bill and the Rationale for its Introduction.
Service Tax Voluntary Compliance Encouragement Scheme, 2013Ashish Gupta
This is about One time amnesty scheme launched by the Central Government under Service Tax Regime vide Finance Act, 2013. Last date to filed 31st December 2013.
New rules on retrospective tax penalty waiversAhmedTalaat127
For the first time since the UAE tax laws came into effect in October 2017, the legislation now:
Grants permission to pay tax penalties in installments.
Specifies reasons that permit penalty waivers. *
Prohibits installments or waivers if litigation is ongoing.
Allows for a class action against tax penalties.
Permits waiver of penalties paid during the past five years.
*Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.
Importantly, taxpayers must now choose between either disputing tax penalties through the tax dispute resolution committees and the Federal Courts — or filing installment or waiver applications. The new changes make it unworkable for both to occur at the same time. And because of the time limitations, a dispute may be time-barred if the taxpayer opts to file an installment or waiver application instead of contending the penalties before the tax dispute resolution committees and the Federal Courts.
This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.
New rules on retrospective tax penalty waivers, installments, tax litigation,...AhmedTalaat127
For the first time since the UAE tax laws came into effect in October 2017, the legislation now:
Grants permission to pay tax penalties in installments.
Specifies reasons that permit penalty waivers. *
Prohibits installments or waivers if litigation is ongoing.
Allows for a class action against tax penalties.
Permits waiver of penalties paid during the past five years.
Before, the legislation only stated that “accepted justifications” may substantiate penalty waivers, but it was unclear what would entail an accepted justification.
Importantly, taxpayers must now choose between either disputing tax penalties through the tax dispute resolution committees and the Federal Courts — or filing installment or waiver applications. The new changes make it unworkable for both to occur at the same time. And because of the time limitations, a dispute may be time-barred if the taxpayer opts to file an installment or waiver application instead of contending the penalties before the tax dispute resolution committees and the Federal Courts.
This is a substantive consideration for taxpayers as they must weigh the risks of sacrificing litigation against the risk of receiving a rejection on an installment or waiver application.
A voluntary dispute resolution scheme called as Sabka Vishwas (Legacy Dispute Resolution) Scheme 2019 has been introduced by the Government for resolution of the Legacy disputes under Central Excise, Service Tax etc. (Incorporating clarification and procedure vide Circular 1071/4/2019-CX8. dated 27/08/2019)
If you are a GST payer and have not claimed your GST refund. We can help, We are GST Refund consultants in delhi of GST and know how to get your refund quickly. You can use our services to claim your gst return.
The Federal Tax authority (FTA) operates using the Tax Procedures law that permits the FTA to assess payable taxes, tax audits, determine tax evasion and issue administrative penalties. These tax assessments as stated can result in a decision to make the taxpayer pay penalties pertaining to a particular transaction or tax period.
Download this "Tax Alert" penned down by me on #TCS on Sale of goods u/s 206(1H) - https://rb.gy/teozs0
and give your feedback. I have tried to address the amendment with a different approach which will help decision makers!
The perils of angel tax and its effect on Startup ecosystemMehul Shah
The Indian Income Tax Act came into existence in 1961 and the Companies Act was enacted in 1956 and it took Government more than 55 long years to make necessary amendments in the Acts to trace the tax evaders who were using a sophisticated modus operandi to convert their black money into accounted money by introduction of Bogus Share Application money. The generation of black money in any economy is a Taxman’s biggest nightmare. Amongst several attacks against such laundering of unaccounted money, one of the most important measure was the introduction of Section 56(2)(viib) in Income Tax Act 1961, which creates a deeming fiction and which provides that the excess amount received by Private Limited Company over and above the Fair Market Value of the shares would be deemed as gift liable to tax in the hands of Company. However this was the same year when the Indian Startup Ecosystem started flourishing and the Startup companies actually and genuinely received accounted investments
over and above their present book value of shares based on future estimated earnings and other intangibles like goodwill and brand value from Angel Investors.
While the Government took measures to curb the introduction of Black money, there were
Startups who were fastened with tax liability on genuine raise of capital through Angel
Investors and hence the word “Angel Tax” was coined.
The present Paper on The perils of Angel Tax talks about the journey of Angel Tax and various measures taken by Government to distinguish the good and the evil and its effect on the Startup ecosystem.
The Presentation Lists out various benefits of the Startup India Initiative by PM Narendra Modi. It also covers the amended definition of Startup w.e.f 27th may 2017
Withdrawal of Legal Tender Character of the old Bank Notes in the denominations of ₹ 500/- and ₹ 1000/-
Why is this scheme introduced?
The incidence of fake Indian currency notes in higher denomination has increased. For ordinary persons, the fake notes look similar to genuine notes, even though no security feature has been copied. The fake notes are used for antinational and illegal activities. High denomination notes have been misused by terrorists and for hoarding black money. India remains a cash based economy hence the circulation of Fake Indian Currency Notes continues to be a menace. In order to contain the rising incidence of fake notes and black money, the scheme to withdraw has been introduced.
What is this scheme?
The legal tender character of the existing bank notes in denominations of ₹ 500 and ₹ 1000 issued by the Reserve bank of India till November 8, 2016 (hereinafter referred to as Specified Bank Notes) stands withdrawn. In consequence thereof these Bank Notes cannot be used for transacting business and/or store of value for future usage. The Specified Bank Notes can be exchanged for value at any of the 19 offices of the Reserve Bank of India and deposited at any of the bank branches of commercial banks/ Regional Rural Banks/ Co-operative banks (only Urban Co-operative Banks and State Co-operative Banks) or at any Head Post Office or Sub-Post Office.
District Central Cooperative Banks (DCCBs) can allow their existing customers to withdraw money from their accounts upto ₹ 24,000 per week. No exchange facility against the specified bank notes (₹ 500 and ₹ 1000) or deposit of such notes should be entertained by DCCB’s. The Reserve Bank has accordingly advised all banks to permit withdrawal of cash by DCCBs from their accounts based on need.
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
NO1 Uk Black Magic Specialist Expert In Sahiwal, Okara, Hafizabad, Mandi Bah...Amil Baba Dawood bangali
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
1. Direct Tax Vivad se
Vishwas Act, 2020
By CA Mehul Shah
Partner
Rasesh Shah and Co
Website : www.rscindia.in
Email : mehul@raseshca.com
Contact Number : 9723459572
Judgements support from itatorders.in Team2
2. “In recent time, Government has taken several measures to
reduce tax litigations. In Finance Act (No. 2) of 2019, a dispute
resolution cum amnesty scheme called “the Sabka Vishwas
Legacy Dispute Resolution Scheme, 2019” was introduced for
settlement of legacy cases of Central Excise and Service Tax. In
line with scheme for settlement of Indirect Tax Disputes, in
Union Budget 2020, a similar scheme to settle disputes in Direct
Taxes was introduced and accordingly “The Direct Tax Vivad se
Vishwas Bill, 2020” was passed by Lok Sabha on 04.03.2020.
Introduction to the Scheme
3
3. “
Objectives of the scheme
Reduce time and efforts spent over long
drawn litigation
(4,83,000 cases pending as on
30.11.2019)
Facilitate tax collection by the
government stuck under litigation.
(9.32 lakh Crores
outstanding tax dues as on. 30.11.2019)
4
4. “The Act empowers the Central Government to notify the Rules
in order to carry out its provisions. In the exercise of such
power, the Rules were notified on 18 March 2020.
Introduction to the Scheme
5
5. Audit and ITR
Scrutiny
Assessment Order
CIT (A)
Tribunal
High Court
Supreme Court
ITR 1 to 7
Reply to show
cause notice
E-Proceedings
Form 35
From 36
Prescribed
Prescribed
Life Cycle
of a
taxpayers
year
Mehul Shah ( 9723459572)
6
7. “
Eligible Person under VSV Scheme 2020
Any person in whose
case Appeal/Writ/SLP
filed by
him/revenue/both is
pending as on specified
date before any
appellate forum.
Any person in whose
case an order has been
passed by
AO/CIT(A)/ITAT/HC on
or before the specified
date and time for filing
Appeal/SLP has not
expired.
Any person who has
filed objection before
DRP u/s. 144C of I.T.
Act and DRP has not
issued any direction on
or before the specified
date.
Any person in whose
case DRP has issued
direction u/s. 144C(5) of
the I.T. Act and no order
has been passed by AO
u/s. 144C(13) of the I.T.
Act on or before the
specified date.
Any person who has
filed an application for
revision u/s. 264 of the
I.T. Act and such
application is pending
as on the specified date.
8
8. “
Amount payable by Declarant
Sl.
No. Nature of Tax Arrear
Amount
Payable
A. Disputed Tax + Interest on Disputed Tax + Penalty on
Disputed Tax levied or leviable
Disputed Tax
B. Disputed Tax + Penalty / Interest in any assessment
on the basis of search u/s. 132 or u/s. 132A of I.T.
Act.
(Subject to the condition that Disputed Tax does not
exceed Rs. 5 crores)
125% of
Disputed Tax
(Subject to
Aggregate of
Tax Arrear)
C. Disputed Interest / Disputed Penalty / Disputed Fee 25% of Tax
Arrear
9
9. Additional Notes
In cases where appeal is filed by revenue the amount payable under the scheme will be
50% of the amount shown in the table.
In the matters where appeal is filed before CIT(A) or ITAT or matter pending before DRP by
the appellant on any issue on which he has already got a decision in his favour in any other
year from ITAT or High Court and decision of which has not been reversed by higher
authorities the amount payable under the scheme will be 50% of the amount shown in the
table.
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10. Benefits
Consequent to such declaration and on fulfillment of
conditions, all appeals, writs, SLPs, arbitration to be
withdrawn
Immunity to be granted from levy of interest, penalty
and institution of any proceeding for prosecution for
any offence under the Income-tax Act in respect of
matters covered in the declaration
11
11. Refunds
If a Appellant has already made
some payment during the litigation
process and it is excess of what he is
supposed to pay under the scheme,
he is entitled to refund of that extra
amount. However, the same would
be paid without any interest on it
u/s. 244A of the I.T. Act.
Further as per the provisions of VSV
Act, 2020, any sum paid under the
said act shall not be refundable.
12
12. Non – Applicability of VSV Act
InrespectofTaxArrears
Relating to any assessment carried out on the basis of search u/s. 132
or 132 A of I.T. Act, if disputed tax is greater than Rs. 5 Crores
Relating to any assessment year in respect of which prosecution has
been instituted on or before the date of filing of declaration
Relating to any undisclosed income from a source located outside India
or asset located outside India
Relating to any assessment / reassessment carried out on the basis of
information received under an agreement referred to in sec. 90 or 90A
of I.T. Act
13
13. Non – Applicability of VSV Act
To any person in respect of whom an irrevocable order of detention has
been made under Conservation of Foreign Exchange and Prevention of
Smuggling Activities Act, 1974.
To any person in respect of whom prosecution
• For any offence punishable under the provisions of the Indian Penal
Code; the Unlawful Activities (Prevention) Act; the Narcotic Drugs and
Psychotropic Substances Act; the Prevention of Corruption Act; the
Prevention of Money Laundering Act and the Prohibition of Benami
Property Transaction Act.
• For the purpose of enforcement of any civil liability
has been instituted on or before the filing of the declaration
Or
Such person has been convicted of any such offence punishable under any
of those Acts.
To any person notified for committing an offence in securities as per the
Special Court (Trial of Offences Relating to Transactions in Securities) Act,
1992. 14
14. Process of filing VSV Forms by
Declarant
Declarant checks
eligibility
Checking of
compliance of Sec. 9
of the Act – Non-
applicability
Filing Form 1 & 2
along with relevant
schedule
Submitting Form 1 &
2
Receiving Form 3
from DA
Making payment of
sum determined in
Form 3
Filing Form 4 –
Intimation of proof of
payment and
withdrawal of appeal
Receiving Form 5
15
15. .Form No Content of the Form
Form 1 Form for
Declaration
Form 1 is bifurcated into the following parts:
Part A – General information and information related to
eligibility
Part B – Information related to dispute
Part C – Information related to tax arrears
Part D – Information related to amount payable
Part E – Information related to payments against tax arrears
Part F – Net amount payable/refundable by the appellant
Form 2 Undertaking This form relates to the undertaking whereby the taxpayer
waives all rights to any remedy/claim related to the matter for
which the taxpayer opts to settle his disputes under the VsV
Act.
16
16. UNBOX TIP 1
- Make Computation by two approaches.
- Tax Payable on returned income excluding interest on
returned income
- Take care of Surcharge on Returned income too if after
addition the assessed income crosses threshold limit
for surcharge.
17
18. The Problem –
The Solution –
Addition was made uls 143(3) on two issues whereas appeal.filed
only for one addition. Whether interest and penalty be waived for
both additions.
Under Vivad se Vishwas, interest and penalty will be waived only
in respect of the issue which is disputed in appeal and for which
declaration is filed. Hence, for the undisputed issue, the tax,
interest and penalty shall be payable,
19. The Problem –
The Solution –
Whether assessee can avail of the Vivad se Vishwas for some of
the issues and not accept other issues?
Picking and choosing issues for settlement of an appeal is not
allowed. With respect to one order, the appellant must chose to
settle all issues and then only he would be eligible to file
declaration.
20. Can the benefit of the Vivad se Vishwas be availed, if a search and
seizure action by the Income-tax Department has been initiated
against a taxpayer?
The Solution –
Case where the tax arrears relate to an assessment made under
section 143(3) or section 144 or section 153A or section 153C of the
Act on the basis of search initiated under section 132 or section
132A of the Act are excluded if the amount of disputed tax exceeds
five crore rupees in that assessment year.
Common Issues That May Arise
The Problem –
21. The Problem –
The Solution –
Whether 234E and 234F appeals are covered?
If appeal has been filed against imposition of fees under sections
234E or 234F of the Act, the appellant would be eligible to file
declaration for disputed fee and amount payable under Vivad se
Vishwas shall be 25% of the disputed fee, as the case may be. If
the fee imposed under section 234E or 234F pertains to a year in
which there is disputed tax, the settlement of disputed tax will
not settle the disputed fee. If assessee wants to settle disputed
fee, he will need to settle it separately by paying 25% of the
disputed fee, as the case may be.
22. If CIT(Appeals) has given an enhancement notice, can the
appellant avail the Vivad se Vishwas after including proposed
enhanced income in the total assessed income?
The amendment proposed in the Vivad se Vishwas allows the
declaration even in cases where CIT (Appeals) has issued
enhancement notice on or before 31 st January, 2020. However,
the disputed tax in such cases shall be increased by the amount of
tax pertaining to issues for which notice of enhancement has been
issued.
The Solution –
The Problem –
23. In a case there is no disputed tax. However, there is appeal for
disputed penalty which has been disposed off by CIT (Appeals) on
5th January 2020. Time to file appeal in ITAT against the order of
Commissioner(Appeals) is still available but the appeal has not yet
been filed. Will such case be eligible to avail the benefit?
The Solution –
Yes, the appellant in this case would also be eligible to avail the
benefit of Vivad se Vishwas. In this case, the terms of availing
Vivad se Vishwas in case of disputed penalty/interest/fee are
similar to terms in case of disputed tax. Thus, if the time to file
appeal has not expired as on specified date, the appellant is
eligible to avail benefit of Vivad se Vishwas. In this case the
appellant should indicate in the declaration form that time limit
to file appeal in ITAT has not expired.
The Problem –
24. Where tax determined by DA is not acceptable can appeal be filed
against the order of designated authority before ITAT, High Court
or Supreme Court?
No. As per clause 4(7), no appellate forum or arbitrator,
conciliator or mediator shall proceed to decide any issue relating
to the tax arrears mentioned in the declaration in respect of
which order is passed by the DA or the payment of sum
determined by the DA.
The Solution –
The Problem –
25. Appeals against assessment order and against penalty order are
filed separately on same issue. Hence there are separate appeals
for both. In such a case how disputed tax to be calculated?
It is clarified that if the appellant has both appeal against
assessment order and appeal against penalty relating to same
assessment pending for the same assessment year, and he wishes
to settle the appeal against assessment order (with penalty
appeal automatically covered, he is required to give details of
both appeals in one declaration form 1 for that year. However, in
the annexure he is required to fill only the schedule relating to
disputed tax.
The Solution –
The Problem –
26. UNBOX TIP 2
▷ Manner of computing disputed tax in cases where loss or
unabsorbed depreciation is reduced.
27
27. UNBOX TIP 2
▷ As per sub-rule(1), where the dispute in relation to an assessment year
relates to reduction in loss or unabsorbed depreciation to be carried
forward under the Income-tax Act, the declarant shall have an option to
○ include the tax, including surcharge and cess, payable on the amount
by which loss or unabsorbed depreciation is reduced in the disputed
tax and carry forward the loss or unabsorbed depreciation by
ignoring such amount of reduction in loss or unabsorbed
depreciation; or
○ carry forward the reduced amount of loss or unabsorbed
depreciation.
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28. UNBOX TIP 2
▷ As per sub-rule(1), where the dispute in relation to an assessment year
relates to reduction in loss or unabsorbed depreciation to be carried
forward under the Income-tax Act, the declarant shall have an option to
○ include the tax, including surcharge and cess, payable on the amount
by which loss or unabsorbed depreciation is reduced in the disputed
tax and carry forward the loss or unabsorbed depreciation by
ignoring such amount of reduction in loss or unabsorbed
depreciation; or
○ carry forward the reduced amount of loss or unabsorbed
depreciation.
29
29. UNBOX TIP 2
▷ For Example: XYZ Ltd. has carried forward loss of Rs.100 and
addition made by the assessing officer is Rs.70, thus leaving a
reduced carried forward loss of Rs.30. If XYZ Ltd. opts to go under
VSV scheme, it will have two options:
▷ Option-1- To pay Tax on Rs.70( Disputed Addition) as per the
provisions of the Act and carry forward the loss of Rs.100.
▷ Option-2- To carry forward the reduced loss i.e. Rs.30. and pay
Nil tax under VSV Scheme.
30
30. UNBOX TIP 2
▷ The option 2 for not to pay tax under VSV Scheme looks attractive
but there is catch here which we should understand. The ITR
returns of subsequent years are to be scrutinised. If the assessee
has utilised the carry forward loss or unabsorbed depreciation of
the relevant assessment year in the next assessment years and
set off the same against income of future years, then the assessee
shall have be liable pay tax to the extent of the loss utilised in
subsequent years along with interest. In such scenario, exercising
the option 2 shall be a costly affair and it is advisable to work out
the cost benefit analysis based on facts and circumstances of
each case before arriving at an option.
31
31. The Problem –
The Solution –
If assessment has been set aside for giving proper opportunity to an assessee
on the additions carried out by the AO. Can he avail the Vivad se Vishwas with
respect to such additions?
If an appellate authority has set aside an order (except where assessment is
cancelled with a direction that assessment is to be framed de novo) to the
file of the AO for giving proper opportunity or to carry out fresh examination
of the issue with specific direction, the assessee would be eligible to avail
Vivad se Vishwas. However, the appellant shall also be required to settle
other issues, if any, which have not been set aside in that assessment and in
respect of which either appeal is pending or time to file appeal has not
expired. In such a case disputed tax shall be the tax (including surcharge and
cess) which would have been payable had the addition in respect of which the
order was set aside by the appellate authority was to be repeated by the AO.
In such cases while filling the declaration form, appellant can indicate that
with respect to the set-aside issues the appeal is pending with the
Commissioner(Appeals). 32
32. The Problem –
The Solution –
If a writ has been filed against a notice issued under section 148
of the Act and no assessment order has been passed consequent
to that section 148 notice, will such case be eligible to file
declaration under Vivad se Vishwas?
The assessee would not be eligible for Vivad se Vishwas as there is
no detennination of income against the said notice.
33. The Problem –
The Solution –
The assessment order under section 143(3) of the Act was passed
in the case of an assessee for the assessment year 2015-16. The
said assessment order is pending with ITAT. Subsequently another
order under section 147/143(3) was passed for the same
assessment year and that is pending with CIT (Appeals)? Could
both or one of the orders be settled under Vivad se Vishwas?
The appellant in this case has an option to settle either of the
two appeals or both appeals for the same assessment year. If he
decides to settle both appeals then he has to file only one
declaration form. The disputed tax in this case would be the
aggregate amount of disputed tax in both appeals.
34. The Problem –
The Solution –
In a case appeal or arbitration is pending on the specified date,
but a rectification is also pending with the AO which if accepted
will reduce the total assessed income. Will the calculation of
disputed tax be calculated on rectified total assessed income?
The rectification order passed by the AO may have an impact on
determination of disputed tax, if there is reduction or increase in
the income and tax liability of the assessee as a result of
rectification. The disputed tax in such cases would be calculated
after giving effect to the rectification order passed, if any.
35. The Problem –
The Solution –
DRP has issued directions confirming all the proposed additions in the draft
order and the AO has passed the order accordingly. The issues confirmed by
DRP include an issue on which the taxpayer has got favourable order from
ITAT (not reversed by HC or SC) in an earlier year. The time limit to file
appeal in ITAT is still available. The taxpayer is eligible for Vivad se Vishwas
treating the situation as taxpayer's deemed appeal in ITAT. In this case how
will disputed tax be calculated? Will it be 100% on the issue allowed by ITAT
in earlier years or 50%?
In this case, on the issue where the taxpayer has got relief from ITAT in an
earlier year (not reversed by He or SC) the disputed tax shall be computed at
half of nonnal rate of 100%, 110%, 125% or 135%, as the case maybe.
36. The Problem –
The Solution –
Where there are two appeals filed for an assessment year-- one
by the appellant and one by the tax department, whether the
appellant can opt for only one appeal? If yes, how would the
disputed tax be computed?
The appellant has an option to opt to settle appeal filed by it or
appeal filed by the department or both. Declaration fonn is to be
filed assessment year wise i.e. only one declaration for one
assessment year. For different assessment years separate
declarations have to be filed. So the appellant needs to specify in
the declaration fonn whether he wants to settle his appeal, or
department's appeal in his case or both for a particular
assessment year. The computation of tax payable would be
carried out accordingly.
37. UNBOX TIP 3
- Use this Lockdown period to scrutinize and sort
maximum applicable.
- You may use webportals like www.itatorders.in to
find sort cases and also to judge the probability based
on past cases to decide whether to opt for #VSV or not.
38
38. The Problem –
The Solution –
The appellant has settled the dispute under Vivad se Vishwas in
an assessment year. Whether it is open for Revenue to take a
stand that the additions have been accepted by the appellant and
hence he cannot dispute it in future assessment years?
Please refer answer to question no 52. It has been clarified in
Explanation to clause 5 that making a declaration under Vivad se
Vishwas shall not amount to conceding the tax position and it
shall not be lawful for the income-tax authority or the declarant
being a part in appeal or writ or in SLP to contend that the
declarant or the income tax authority, as the case may be, has
acquiesced in the decision on the disputed issue by settling the
dispute.
39. Thanks! Any
Questions ?
CA MEHUL SHAH
Partner at Rasesh Shah & Co
Phone: 9723459572
Email ID: mehul@raseshca.com
40