The document summarizes the Direct Tax Vivad Se Vishwas Act, 2020, which provides a dispute resolution scheme for pending direct tax cases. Key points include:
- The scheme aims to reduce the 483,000 pending direct tax cases involving over INR 9.32 lakh crore in disputes.
- It allows taxpayers to settle disputes by paying 100% of the disputed tax and some percentage of interest and penalty.
- Taxpayers must submit declarations electronically and withdraw any appeals to avail the scheme.
- The scheme provides immunity from litigation and penalty/interest for disputes settled under it. Certain cases involving large amounts, undisclosed income or detention are excluded.
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
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.
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.
VAT in UAE: Comparison of Draft and Final Executive Regulations of the UAE VA...Manoj Agarwal
VAT in UAE
A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way.
UAE VAT Law - Draft Executive RegulationManoj Agarwal
Much Awaited Regulations released by the UAE Government. Cabinet has approved draft of the Executive Regulations of the UAE VAT Law which will make UAE VAT Law implementation simplified.
Approved Executive Regulations now available for the UAE VAT Law. All businesses with taxable supplies of more than AED 375,000 needs to register before 4th December 2017 and be fully compliant with the UAE VAT Law
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.
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
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.
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.
VAT in UAE: Comparison of Draft and Final Executive Regulations of the UAE VA...Manoj Agarwal
VAT in UAE
A Comparison of Draft and Final Executive Regulations issued by the Federal Tax Authority of the UAE. Changes and Additions are marked in red and blue colour in a easy to understand way.
UAE VAT Law - Draft Executive RegulationManoj Agarwal
Much Awaited Regulations released by the UAE Government. Cabinet has approved draft of the Executive Regulations of the UAE VAT Law which will make UAE VAT Law implementation simplified.
Approved Executive Regulations now available for the UAE VAT Law. All businesses with taxable supplies of more than AED 375,000 needs to register before 4th December 2017 and be fully compliant with the UAE VAT Law
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.
The United Arab Emirates (UAE) has released the text of Federal Tax procedures Law (FTP). The FTP Law provides the outline on rights and obligations of the Authority, Taxpayer and any other Person dealing with the Authority for Value Added Tax (VAT) and Excise Taxes. Also any future taxes introduced in the UAE.
This write up consist of unofficial translation of the Federal Tax procedures Law (FTP)/ UAE VAT Law with views and suitable modifications, wherever appropriate, by the author.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
The document provides an overview of India's income tax system. It discusses that income tax is governed by the central government and levied under the Income Tax Act of 1961. The government taxes various types of individual and business income. Disputes can be appealed through a three-tier system of the commissioner, appellate tribunal, and courts. The government has also implemented measures like the GAAR and equalization levy to address tax avoidance, while transfer pricing remains a controversial area of focus.
The document lists service fees and administrative penalties adopted by the UAE Council of Ministers related to federal tax laws. It provides a directory of fees for services from the Federal Tax Authority such as tax registration certificates and listings of tax agents. It also outlines administrative penalties for violations of tax procedures and laws regarding value-added tax and excise tax. Penalties are specified for failures to comply with documentation and reporting requirements, submit tax returns on time, and properly calculate and pay taxes owing.
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.
The document discusses India's Income Declaration Scheme 2016, which aims to bring undisclosed foreign income and assets into the tax system. It provides an opportunity for taxpayers to declare undisclosed income and pay taxes at 45%, and gain immunity from prosecution. However, taxpayers cannot take benefit if their case is already under investigation. The scheme is seen as more beneficial than the previous Black Money Act, but failing to disclose under the scheme risks penalties and prosecution under normal tax laws. In conclusion, the scheme provides a chance for tax evaders to clean up their finances through a moderate tax payment.
The document provides an overview of refund provisions under GST including situations where refunds may arise, legal provisions, refund procedures and time limits, refund scenarios, and basic features of the refund process. Key points include:
- Refunds can arise from excess payments, exports, deemed exports, provisional assessments, and other situations.
- The CGST and IGST Acts contain provisions regarding refund of tax, interest, and other amounts paid.
- The time limit to claim a refund is 2 years from the relevant date, and refunds must generally be sanctioned within 60 days.
- Various scenarios where refunds may be claimed are described, along with required documents and restrictions.
-
The document discusses provisions under the Central Goods and Services Tax Act (CGST Act) relating to the determination of tax not paid or short paid and the recovery process. It notes that officers have challenging timelines to issue orders within 3-5 years of the annual return filing date. It summarizes key sections of the CGST Act pertaining to the determination of tax in normal cases within 3 years [Section 73], and for fraud/suppression within 5 years [Section 74]. The document also discusses provisions for issuing show cause notices, paying tax to avoid penalties, and the definition of "suppression" under the Act.
This document provides an overview of key concepts related to income tax assessment in Pakistan. It defines income tax and outlines the types of income that are taxable. It discusses the different types of taxpayers including individuals, associations of persons, companies, and governments. It also defines resident and non-resident taxpayers. The document then explains the different tax years and the process of universal self-assessment where tax returns are treated as assessment orders. It discusses the commissioner's powers to amend assessments, make provisional assessments, and rectify mistakes. Key points covered include the timeline to amend assessments, treatment of provisional assessments, and assessments for disputed property ownership.
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.
Executive Regulations of UAE FTP - VAT in UAEManoj Agarwal
The document provides a simplified summary of the Executive Regulations of the UAE Federal Law No. 7 of 2017 on Tax Procedures. It discusses key definitions, obligations for maintaining accounting records, procedures for tax registration and de-registration, allocation of unidentified payments, voluntary disclosure procedures, means of notification by the tax authority, requirements for tax agents, and other procedural topics. The executive regulations are organized into 13 titles and 28 articles covering these tax compliance and administrative topics in further detail.
This document discusses the changes to service tax laws in India that took effect on July 1, 2012, moving from a positive list system to a negative list system. Key points include:
1) Service tax coverage was expanded by defining "service" and taxing all services except those specified in a negative list of exemptions.
2) The number of taxable services was reduced and definitions were simplified compared to the previous system which had over 100 taxable services.
3) A works contract is taxable only on the service portion, with set valuations to determine this portion.
4) Certain services involve reverse charge mechanism where the liability shifts entirely or partially to the service recipient.
5)
This document discusses the different types of assessments under the Goods and Services Tax (GST) in India. It defines assessment and describes the key types as self-assessment, provisional assessment, re-assessment, best judgment assessment, and summary assessment. For each type, it provides details on the procedures involved, including applicable forms, timelines for orders, and treatment of interest in case of underpayment or overpayment of taxes. The document summarizes the different assessment scenarios and procedures to help taxpayers and officers understand their obligations and processes under GST.
- Input tax credit (ITC) allows registered dealers to claim credit for taxes paid on inputs used for manufacturing or selling goods.
- There are various restrictions and conditions for claiming ITC, including only being able to claim it for goods/services purchased from registered dealers, restrictions on certain capital goods, automobiles, and exempted goods.
- Detailed records including tax invoices must be maintained to substantiate ITC claims which are subject to review and reversal by assessing authorities.
Service tax voluntary compliance encouragement scheme, 2013ANAND KANKANI
This document provides details about the Service Tax Voluntary Compliance Encouragement Scheme introduced in India in 2013. Key points:
- The scheme allows service providers who have not filed returns or paid taxes since 2007 to disclose true tax liabilities and pay owed taxes to avoid penalties.
- Eligible taxpayers can pay disclosed taxes in installments by 2014 to be exempt from interest and penalties if taxes are otherwise paid on time.
- The goal is to encourage voluntary compliance and collect unpaid taxes from the many service providers who are not currently filing returns.
The document discusses the Income Declaration Scheme, 2016 introduced by the Government of India to allow voluntary declaration of previously undisclosed income. It provides an overview of key aspects of the scheme such as eligible income, tax rates, declaration process, benefits of declaring under the scheme versus non-disclosure, critical dates and FAQs. Key benefits include immunity from prosecution, penalty and reopening of past assessments for declared income. Undisclosed income must be for periods prior to FY 2016-17 and total tax, surcharge and penalty is 45% of undisclosed income.
Tran 1 verification by officers 06.02.2018gst-trichy
The document provides instructions for filling out Form TRAN-1 in order to claim input tax credit under the GST regime for taxes paid under earlier laws.
It describes the different "tiles" or sections of the form that must be completed, including declaring credit carried forward from previous returns, details of inputs held in stock, capital goods, credit received by input service distributors, and more. Instructions are provided for verifying the claimed credits against documents and ensuring compliance with conditions for credit carry-forward under GST law.
The Income Declaration Scheme, 2016 provides an opportunity for taxpayers to declare undisclosed income and pay tax, surcharge, and penalty at 45% to obtain immunity from prosecution. The key aspects of the scheme are:
1) Declarations can be made from June 1, 2016 to September 30, 2016 and tax dues must be paid within 2 months of declaration or by November 30, 2016.
2) The tax rate on undisclosed income is 30% plus surcharge of 25% and penalty of 25%, amounting to an effective tax rate of 45%.
3) Immunity from prosecution under the Income Tax Act and Wealth Tax Act is provided if tax is fully paid under the scheme.
The Income Declaration Scheme, 2016 is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016.
In the given presentation all the major provisions of the Scheme have been discussed concisely.
The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016.
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.
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)
The United Arab Emirates (UAE) has released the text of Federal Tax procedures Law (FTP). The FTP Law provides the outline on rights and obligations of the Authority, Taxpayer and any other Person dealing with the Authority for Value Added Tax (VAT) and Excise Taxes. Also any future taxes introduced in the UAE.
This write up consist of unofficial translation of the Federal Tax procedures Law (FTP)/ UAE VAT Law with views and suitable modifications, wherever appropriate, by the author.
OBJECTIVE
Goods and Services Tax (GST) is an Indirect Tax levied in India introduced in July, 2017 which was one of the most important reforms in the Indian Economy. Unlike erstwhile indirect tax regime, GST promises seamless credit on goods and services across the entire supply chain with some exceptions. In this webinar, we shall understand and analyse the provisions related to Input Tax Credit under the GST law
The document provides an overview of India's income tax system. It discusses that income tax is governed by the central government and levied under the Income Tax Act of 1961. The government taxes various types of individual and business income. Disputes can be appealed through a three-tier system of the commissioner, appellate tribunal, and courts. The government has also implemented measures like the GAAR and equalization levy to address tax avoidance, while transfer pricing remains a controversial area of focus.
The document lists service fees and administrative penalties adopted by the UAE Council of Ministers related to federal tax laws. It provides a directory of fees for services from the Federal Tax Authority such as tax registration certificates and listings of tax agents. It also outlines administrative penalties for violations of tax procedures and laws regarding value-added tax and excise tax. Penalties are specified for failures to comply with documentation and reporting requirements, submit tax returns on time, and properly calculate and pay taxes owing.
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.
The document discusses India's Income Declaration Scheme 2016, which aims to bring undisclosed foreign income and assets into the tax system. It provides an opportunity for taxpayers to declare undisclosed income and pay taxes at 45%, and gain immunity from prosecution. However, taxpayers cannot take benefit if their case is already under investigation. The scheme is seen as more beneficial than the previous Black Money Act, but failing to disclose under the scheme risks penalties and prosecution under normal tax laws. In conclusion, the scheme provides a chance for tax evaders to clean up their finances through a moderate tax payment.
The document provides an overview of refund provisions under GST including situations where refunds may arise, legal provisions, refund procedures and time limits, refund scenarios, and basic features of the refund process. Key points include:
- Refunds can arise from excess payments, exports, deemed exports, provisional assessments, and other situations.
- The CGST and IGST Acts contain provisions regarding refund of tax, interest, and other amounts paid.
- The time limit to claim a refund is 2 years from the relevant date, and refunds must generally be sanctioned within 60 days.
- Various scenarios where refunds may be claimed are described, along with required documents and restrictions.
-
The document discusses provisions under the Central Goods and Services Tax Act (CGST Act) relating to the determination of tax not paid or short paid and the recovery process. It notes that officers have challenging timelines to issue orders within 3-5 years of the annual return filing date. It summarizes key sections of the CGST Act pertaining to the determination of tax in normal cases within 3 years [Section 73], and for fraud/suppression within 5 years [Section 74]. The document also discusses provisions for issuing show cause notices, paying tax to avoid penalties, and the definition of "suppression" under the Act.
This document provides an overview of key concepts related to income tax assessment in Pakistan. It defines income tax and outlines the types of income that are taxable. It discusses the different types of taxpayers including individuals, associations of persons, companies, and governments. It also defines resident and non-resident taxpayers. The document then explains the different tax years and the process of universal self-assessment where tax returns are treated as assessment orders. It discusses the commissioner's powers to amend assessments, make provisional assessments, and rectify mistakes. Key points covered include the timeline to amend assessments, treatment of provisional assessments, and assessments for disputed property ownership.
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.
Executive Regulations of UAE FTP - VAT in UAEManoj Agarwal
The document provides a simplified summary of the Executive Regulations of the UAE Federal Law No. 7 of 2017 on Tax Procedures. It discusses key definitions, obligations for maintaining accounting records, procedures for tax registration and de-registration, allocation of unidentified payments, voluntary disclosure procedures, means of notification by the tax authority, requirements for tax agents, and other procedural topics. The executive regulations are organized into 13 titles and 28 articles covering these tax compliance and administrative topics in further detail.
This document discusses the changes to service tax laws in India that took effect on July 1, 2012, moving from a positive list system to a negative list system. Key points include:
1) Service tax coverage was expanded by defining "service" and taxing all services except those specified in a negative list of exemptions.
2) The number of taxable services was reduced and definitions were simplified compared to the previous system which had over 100 taxable services.
3) A works contract is taxable only on the service portion, with set valuations to determine this portion.
4) Certain services involve reverse charge mechanism where the liability shifts entirely or partially to the service recipient.
5)
This document discusses the different types of assessments under the Goods and Services Tax (GST) in India. It defines assessment and describes the key types as self-assessment, provisional assessment, re-assessment, best judgment assessment, and summary assessment. For each type, it provides details on the procedures involved, including applicable forms, timelines for orders, and treatment of interest in case of underpayment or overpayment of taxes. The document summarizes the different assessment scenarios and procedures to help taxpayers and officers understand their obligations and processes under GST.
- Input tax credit (ITC) allows registered dealers to claim credit for taxes paid on inputs used for manufacturing or selling goods.
- There are various restrictions and conditions for claiming ITC, including only being able to claim it for goods/services purchased from registered dealers, restrictions on certain capital goods, automobiles, and exempted goods.
- Detailed records including tax invoices must be maintained to substantiate ITC claims which are subject to review and reversal by assessing authorities.
Service tax voluntary compliance encouragement scheme, 2013ANAND KANKANI
This document provides details about the Service Tax Voluntary Compliance Encouragement Scheme introduced in India in 2013. Key points:
- The scheme allows service providers who have not filed returns or paid taxes since 2007 to disclose true tax liabilities and pay owed taxes to avoid penalties.
- Eligible taxpayers can pay disclosed taxes in installments by 2014 to be exempt from interest and penalties if taxes are otherwise paid on time.
- The goal is to encourage voluntary compliance and collect unpaid taxes from the many service providers who are not currently filing returns.
The document discusses the Income Declaration Scheme, 2016 introduced by the Government of India to allow voluntary declaration of previously undisclosed income. It provides an overview of key aspects of the scheme such as eligible income, tax rates, declaration process, benefits of declaring under the scheme versus non-disclosure, critical dates and FAQs. Key benefits include immunity from prosecution, penalty and reopening of past assessments for declared income. Undisclosed income must be for periods prior to FY 2016-17 and total tax, surcharge and penalty is 45% of undisclosed income.
Tran 1 verification by officers 06.02.2018gst-trichy
The document provides instructions for filling out Form TRAN-1 in order to claim input tax credit under the GST regime for taxes paid under earlier laws.
It describes the different "tiles" or sections of the form that must be completed, including declaring credit carried forward from previous returns, details of inputs held in stock, capital goods, credit received by input service distributors, and more. Instructions are provided for verifying the claimed credits against documents and ensuring compliance with conditions for credit carry-forward under GST law.
The Income Declaration Scheme, 2016 provides an opportunity for taxpayers to declare undisclosed income and pay tax, surcharge, and penalty at 45% to obtain immunity from prosecution. The key aspects of the scheme are:
1) Declarations can be made from June 1, 2016 to September 30, 2016 and tax dues must be paid within 2 months of declaration or by November 30, 2016.
2) The tax rate on undisclosed income is 30% plus surcharge of 25% and penalty of 25%, amounting to an effective tax rate of 45%.
3) Immunity from prosecution under the Income Tax Act and Wealth Tax Act is provided if tax is fully paid under the scheme.
The Income Declaration Scheme, 2016 is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016.
In the given presentation all the major provisions of the Scheme have been discussed concisely.
The Income Declaration Scheme, 2016 (referred to here as ‘the Scheme’) is contained in the Finance Act, 2016, which received the assent of the President on the 14th of May 2016.
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.
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)
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
1. The document discusses the transitional provisions under GST for existing taxpayers migrating to GST. It provides details on the provisional registration process, input tax credit provisions such as carry forward of CENVAT credit and availing of credits on stock, and other miscellaneous provisions related to returns, refunds, appeals etc.
2. It explains that existing taxpayers having a valid PAN will be issued a provisional GST registration, which may be cancelled if the application is found to be incorrect or incomplete. It also outlines the various credits that taxpayers can avail in their electronic credit ledger during the transition.
3. The document covers transitional arrangements for inputs, input tax credit, job workers, returns and various other aspects
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
The document discusses refunds under the CGST Act. It states that refunds shall be allowed for tax paid on supplies where invoices have not been issued, tax paid but not passed on to others, and unutilized input tax credit. Refund of input tax credit is allowed for zero-rated supplies or when input tax rate is higher than output tax rate. The process for claiming refund requires filing form GST RFD-01 within two years along with supporting documents. Refunds must be granted within 60 days, with interest for delays. Provisional refund of 90% is allowed for zero-rated supplies pending final settlement.
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1. The document provides information on Tax Deduction at Source (TDS) and TCS, including the objectives, nature of payments subject to TDS/TCS, persons responsible for deductions, rates of deduction, deposit and filing of returns.
2. It discusses the consequences of failure to deduct or deposit TDS/TCS on time such as interest, penalties, and disallowance of expenses.
3. The mandatory requirements for electronic filing of T
Input tax credit is a mechanism under GST that allows registered taxpayers to claim credit for taxes paid on inputs and capital goods. This helps remove cascading of taxes and ensures only value added at each stage is taxed. Taxpayers can utilize input tax credit to offset output tax liability, and only pay the net amount. Some key conditions for claiming ITC include possessing valid tax invoices, actual receipt of goods/services, and taxes being paid by the supplier. Unutilized credit can be carried forward or in some cases, claimed as a refund. Strict matching and reconciliation rules apply to verify ITC claims.
Unit 2 - Refund of Tax.pptx, tax law notesssuser32bd0c
1) Refunds arise when the amount of tax paid by a person is greater than the amount they are properly chargeable for that year, such as when tax deducted at source is higher than taxes owed, advance tax paid exceeds taxes owed, or taxes paid are reduced on appeal or revision.
2) Claims for refund must be made within one year of the last day of the assessment year using Form 30, along with supporting documents.
3) Interest is payable on refunds at 0.5% per month, calculated from different periods depending on the source of excess payment.
4) The Assessing Officer can adjust refunds against outstanding tax dues of previous years, but must issue
This document summarizes Kenya's Voluntary Tax Disclosure Program (VTDP). The VTDP allows taxpayers to voluntarily disclose previously undisclosed tax liabilities and qualify for partial or full relief from penalties and interest by paying the principal taxes owed. To qualify, taxpayers must disclose everything and pay all taxes due by June 2020. The VTDP provides 100% penalty and interest remission for disclosures made in 2021, 50% remission for 2022, and 25% remission for 2023. Taxpayers who use the VTDP will not face prosecution and cannot appeal the taxes and penalties paid under the program.
1) The Service Tax Voluntary Compliance Encouragement Scheme, 2013 provides a one-time amnesty for stop filers, non-filers, non-registrants or service providers who under-reported tax liability between October 2007 and December 2012 by waiving penalties and interest and providing immunity from prosecution if back taxes are paid.
2) Eligible persons must register and submit a declaration form by December 31, 2013 along with 50% of taxes owed, paying the remaining 50% by June 30, 2014.
3) Upon paying all taxes and interest owed, declarants will receive a discharge certificate and immunity from further proceedings for the period covered by the declaration.
The document provides information about input tax credit (ITC) under the Goods and Services Tax (GST) system in India. Some key points:
1. ITC allows businesses to offset taxes paid on inputs against output tax liability. It is claimed on goods, capital goods, and services used for business purposes.
2. There are conditions for claiming ITC, such as possessing valid documents and ensuring taxes are paid. ITC must also be adjusted if related outputs are exempt.
3. Not all purchases are eligible for ITC, such as most motor vehicles, food/beverages, health services, and property construction. Transition provisions allow ITC for stock under certain conditions.
The document discusses various aspects of income tax in India including income tax, advance tax, assessment, returns and related topics. Some key points:
1. Income tax is a direct tax charged by the central government on the annual income of individuals and businesses. It is calculated based on tax slabs defined by the Income Tax Department.
2. Advance tax is a method of collecting tax in advance throughout the year in the form of installments to match the taxpayer's estimated annual liability.
3. There are different types of income tax assessments including self-assessment, summary assessment, scrutiny assessment, best judgement assessment, and income escaping assessment. Faceless assessment is now conducted electronically without any physical interface between the taxpayer
TDS is a mechanism where a person deducts tax at the time of making certain specified payments to another person. Key persons responsible for deducting TDS (deductors) include company principals, DDOs in government offices, and those making payments of interest, dividends, contracts, lottery/game winnings, etc. Deductors must obtain a TAN, deduct tax at the correct rate, deposit the deducted amount timely, issue TDS certificates, and file quarterly TDS statements in the prescribed format and by the due dates. Maintaining compliance is important to ensure deductees get proper tax credit and deductors avoid penalties.
1) This section outlines the process for applying for a lower tax deduction certificate using Form 13. Such a certificate applies until cancelled.
2) Individual residents in India whose estimated total income is less than the basic exemption limit can file a declaration in the prescribed form and manner to receive payments without tax deduction under Sections 190 or 194EE.
3) Filing a declaration in writing that the estimated total income for the previous year will be nil allows for non-deduction of tax under certain sections for persons other than companies and firms.
The document provides information on input tax credit under GST in India. It defines key terms like input tax, input service, capital goods, output tax, inward and outward supplies. It explains the process of availing and utilizing input tax credit and conditions that must be met like having a valid tax invoice and the supplier depositing the taxes. Certain items are ineligible for input tax credit like motor vehicles, food and beverages, life and health insurance, and works contract services for construction of immovable property. The time limit to claim input tax credit is within one year from the invoice date or the due date of filing annual return, whichever is earlier.
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.
1) Tax invoices must be issued by registered taxpayers for taxable supplies of goods or services, before or at the time of removal, delivery, or provision. Credit and debit notes can be issued for adjustments.
2) Composition dealers and exempt supplies require bills of supply instead of tax invoices. Receipts are given for advances, and payment vouchers for reverse charge supplies from unregistered persons.
3) Credit notes must be issued within 30 days of the end of the financial year for excess charges. Debit notes are for short charges. Details must be declared in GST returns.
Presentation on llp settlement scheme, 2020Mohd.Asif Khan
The document provides an overview of the LLP Settlement Scheme 2020 introduced by the Ministry of Corporate Affairs. It summarizes the key aspects of the initial scheme and subsequent modifications. The modifications expanded the scope of the scheme and allowed defaulting LLPs to file pending documents by paying normal fees until September 2020 without any additional fees. The scheme benefits LLPs by reducing compliance costs and providing immunity from prosecution for filing delayed documents.
Presentation on llp settlement scheme, 2020Mohd.Asif Khan
The document provides an overview of the LLP Settlement Scheme 2020 introduced by the Ministry of Corporate Affairs. It summarizes the key aspects of the initial scheme and subsequent modifications. The modifications expanded the scope of the scheme and allowed defaulting LLPs to file pending documents by paying normal fees until September 2020 without any additional fees. The scheme benefits LLPs by reducing compliance costs and providing immunity from prosecution for filing delayed documents.
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Vivad se vishwas scheme
1. Compiled By;
Direct Tax Vertical
ASIJA AND ASSOCIATES LLP
Chartered Accountants
34/5, Gokhle Marg, Lucknow, India
THE DIRECT TAX
VIVAD SE VISHWAS ACT, 2020
“An Act to provide for resolution of disputed tax and
for matters connected therewith or incidental thereto”
AS INTRODUCED IN UNION BUDGET, 2020
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
2. INTRODUCTION
MEASURE TO REDUCE PENDING LITIGATION
• Encouraged by the success of the Indirect Tax Sabka
Vishwas (Legacy Dispute Resolution) Scheme,
Budget 2020 had proposed a new Direct Tax amnesty
scheme, ‘Vivad Se Vishwas’, with a view to reduce
litigation under Direct Tax.
• Accordingly, after the ascent of President on 17/03/20
The Direct Tax Vivad Se Vishwas Act, 2020 has been
enacted by Parliament.
FAST FACTS
Number of direct tax
cases pending in
various appellate
forums: 483,000
Amount locked up in
direct tax disputes as
on 30/11/2019:
INR 9.32 lakh Crore
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
3. COVERAGE OF THE SCHEME
The scheme can be opted by an ‘appellant’:-
a) In whose case an appeal/writ petition/SLP is pending as on 31/01/2020, before the appellate
forum.
b) In whose case, an order in an appeal /writ petition has been passed by the A.O./ appellate forum
on or before 31/01/2020 and the time for filing appeal/SLP against such order has not
expired.
c) Objection filed by the appellant is pending before the DRP u/s 144C of the Income-tax Act as
on the 31/01/2020 and DRP has not issued direction on or before 31/01/2020.
d) In whose case the DRP has issued direction u/s 144C(5) of the Income-tax Act and the A.O. has
not passed any order on or before 31/01/2020.
e) Where an application for revision u/s 264 of the Income-tax Act is pending on 31/01/2020
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
4. Nature of tax arrear
Amount
Payable by 31
March 2020
Amount payable from 1 April
2020 but on or before the last
date of the Scheme *
1.Tax arrears, is the aggregate of :
amount of disputed tax
interest chargeable or charged thereon
penalty leviable or levied thereon
100% of
disputed tax
100% of disputed tax
+ 10%* of disputed tax
2. Tax arrears includes:-
Amount of disputed tax
Interest
Penalty
as determined in any assessment on the basis
of search u/s 132/ 132(A) of IT Act, 1961.
100% of disputed tax
+ 25%* of disputed tax
100% of the disputed tax
+ 35%* of disputed tax.
3. Tax arrear relates to disputed interest or
disputed penalty or disputed fee.
25% of disputed
Amount
30% of disputed
Amount
* Where 10%/25%/35% exceeds aggregate of interest chargeable or charged and penalty amount on such disputed tax, the
excess shall be ignored for the purpose of computation of amount payable.
AMOUNT PAYABLE UNDER THE SCHEME
* As per the press release issued by Finance Ministry on 24/03/2020. The Said scheme has been extended from
31/03/2020 to 30/06/2020, thus the additional payment of 10% after 31/03/2020 is waved off – However Offical
Notification with respect to the same is awaited
5. In a case where an appeal / writ petition/ SLP is filed by the Income-tax authority on
any issue before the appellate forum,
the amount payable shall be ½ of the amount in the Table above calculated on such
issue, in such manner as may be prescribed
In a case where an appeal is filed before the Commissioner (Appeals), or objections is filed
before the DRP by the appellant, on any issue on which he has already got a decision in his
favour from the ITAT (not reversed by the HC /SC) or the HC (not reversed by the SC),
the amount payable shall be ½ of the amount in the Table above calculated on such
issue, in such manner as may be prescribed.
AMOUNT PAYABLE UNDER THE SCHEME
In a case where an appeal is filed by the appellant on any issue before the ITAT on which
he has already got a decision in his favour from the HC (not reversed by the SC),
the amount payable shall be ½ of the amount in the Table above calculated on such
issue, in such manner as may be prescribed
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
6. • Where any appeal /writ petition / SLP is pending before the appellate forum as on 31/01/2020,
the amount of tax payable if such appeal/petition was decided against him.
• Where an order in an appeal /writ petition has been passed by the appellate forum on or before
31/01/2020 and the time for filing appeal/petition against such order has not expired, the
amount of tax payable by the appellant after giving effect to the order so passed;
• Where the order has been passed by the A.O. on or before the 31/01/2020, and the time for
filing appeal against such order has not expired, the amount of tax payable by the appellant
in accordance with such order;
• Where objection filed by the appellant is pending before the DRP u/s 144C of the Income-tax
Act as on the 31/01/2020, the amount of tax payable by the appellant if the Dispute
Resolution Panel (DRP) was to confirm the variation proposed in the draft order
• Where an application for revision u/s 264 of the Income-tax Act is pending as on 31/01/2020,
the amount of tax payable by the appellant if such application for revision was not to be
accepted
COMPUTATION OF DISPUTED TAX
It means the INCOME TAX + SURCHARGE +CESS payable by the appellant as
computed under :-
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
7. • Where the DRP has issued direction u/s 144C(5) of the Income-tax Act and the A.O. has not
passed any order under subsection (13) on or before 31/01/2020, the amount of tax payable
by the appellant as per the assessment order to be passed by the Assessing Officer under
sub-section (13) thereof.
Provided that in a case where CIT(A) has issued notice of enhancement u/s 251 of the Income-
tax Act on or before 31/01/2020, the disputed tax shall be increased by the amount of tax
pertaining to issues for which notice of enhancement has been issued
Provided further that in a case where the dispute relates to reduction of tax credit u/s115JAA or
115D of the Income-tax Act or any loss or depreciation computed thereunder, the appellant shall
have an option either to include the amount of tax related to such tax credit or loss or
depreciation in the amount of disputed tax, or to carry forward the reduced tax credit or loss or
depreciation.
COMPUTATION OF DISPUTED TAX
It means the INCOME TAX + SURCHARGE +CESS payable by the appellant as
computed under :-
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
8. Disputed Penalty Means :-
Penalty determined in any case
under the Income Tax Act where:
Such penalty is not levied or
leviable in respect of disputed
income or disputed tax;
An appeal has been filed in
respect of the such penalty.
Disputed Interest Means :-
Interest determined in any case
under the Income Tax Act
where:
Such interest is either not
charged or chargeable on
disputed tax;
An appeal has been filed in
respect of such interest.
COMPUTATION OF DISPUTED PENALTY
AND DISPUTED INTEREST
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
9. PROCEDURALASPECT
a) Step 1 – The declarant shall be required to e-file, on or before the last date, on the portal of
Income Tax Department, a declaration to the designated authority in Form-1 with respect of
Tax Arrear for which he opts this Scheme.
b) Step 2 - The declarants are further required to e-furnish an undertaking in e-Form-2 , waiving
his right, to seek any remedy or any claim in relation to the tax arrear which may otherwise be
available to him under any law for the time being in force
• The submission of Form-1 and Form-2 shall be done in conjunction as a single submission
and shall be furnished electronically with digital signature, if the return of income is required
to be furnished under digital signature or, in other cases through electronic verification code.
c) Step – 3 - The designated authority shall, within a period of 15 days from the date of receipt of
the declaration, by order, determine the amount payable by the declarant and grant a certificate
in e-Form 3 to the declarant containing the amount payable.
d) Step – 4 – File application before the “appellate forum” for withdrawal of appeal, where the
declarant has filed any appeal or any writ petition before the said appellate forum.
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
10. PROCEDURALASPECT
f) Step - 5 - Where the declarant has initiated any proceeding for arbitration, conciliation or
mediation, or has given any notice thereof under any law for the time being in force or under
any agreement entered into by India with any other country or territory outside India whether
for protection of investment or otherwise, he shall file to withdraw the claim
g) Step – 5 - The declarant shall pay the amount as specified in Form 3 within 15 days of the
date of receipt of the said certificate (Form 3) and
Intimate the details of such payment to the designated authority in e-Form 4 and
Furnish the evidence of filing of withdrawal as mentioned in Step 4 & 5.
e) Step - 6 - Thereupon the designated authority shall pass an order, in e-Form 5, stating that the
declarant has paid the amount.
f) Step – 7 – Obtain from the Appellant Forum, order with respect to withdrawal of appeal or
writ or withdrawal of claim as mentioned in Step 4 & Step 5
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
11. RESULT OF FILING THE FORMS
a) Waver of Right - By Furnishing e-Form 2, the declarant shall wave his right, to seek or pursue any
remedy or any claim in relation to the tax arrear which may otherwise be available to him under any law
for the time being in force, in equity, under statute or under any agreement entered into by India with any
country or territory outside India whether for protection of investment or otherwise .
b) Deemed Withdrawal - Any appeal pending before the ITAT or Commissioner (Appeals), in respect of the
disputed income /interest /penalty /fee / tax arrear shall be deemed to have been withdrawn from the
date certificate in e-Form 3 is issued by the designated authority.
c) Order shall be Conclusive - Every order passed through e-Form 3, determining the amount payable
under this Act, shall be conclusive as to the matters stated therein and no matter covered by such order
shall be reopened in any other proceeding under the Income-tax Act or under any other law or under any
agreement, whether for protection of investment or otherwise, entered into by India with any other country
or territory outside India.
d) Immunity Given - After issuance of the order in e-Form 5 the designated authority shall not institute any
proceeding in respect of an offence; or impose or levy any penalty; or charge any interest under the
Income-tax Act in respect of tax arrear.
e) No Other Immunity - Save as otherwise expressly provided above, nothing contained in this Act shall be
construed as conferring any benefit, concession or immunity on the declarant in any proceedings other
than those in relation to which the declaration has been made.
12. DECLARATION TO BE NON-EST
The declaration made through e-Form 1 shall be presumed never to have been made if,—
a) any material particular furnished in the declaration is found to be false at any stage;
b) the declarant violates any of the conditions referred to in this Act;
c) the declarant acts in any manner which is not in accordance with the undertaking given by
him through e-Form 5,
and in such cases, all the proceedings and claims which were withdrawn under section 4 and
all the consequences under the Income-tax Act against the declarant shall be deemed to have
been revived.
Any amount paid in pursuance of a declaration made through Form 1 & 2 shall not be
refundable under any circumstances.
Note:- Where the declarant had, before filing the declaration through-Form 1, has paid
any amount under the Income-tax Act in respect of his tax arrear, which exceeds the
amount payable as per certificate issued through e-Form 3, then he shall be entitled to a
refund of such excess amount, but shall not be entitled to interest on such excess amount
under section 244A of the Income Tax Act 1961.
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
13. CASES WHERE THE SCHEME IS NOT APPLICABLE
It is proposed that the Scheme shall not be available in respect of :
• Tax arrears relating :-
a) To an assessment year in respect of which an assessment has been made u/s 143(3)/
144/ 153A/153C of the Income-tax Act on the basis of search initiated u/s132 or
132A of the Income-tax Act, if the amount of disputed tax exceeds 5 crore rupees;
b) Assessment Year (AY) in respect of which prosecution has been instituted on or before
the date of filing of declaration under this Scheme
c) Any undisclosed income from a source located outside India or undisclosed asset
located outside India
d) An assessment or reassessment made on the basis of information received under any
Tax Treaty as per section 90or 90A of the Income Tax Act, 1961.
EXCLUSION FROM THE SCHEME
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
14. PERSONS WHO CANNOT AVAIL THE SCHEME
It is proposed that the Scheme cannot be availed by the following persons:
• Person in respect of whom an order of detention has been made under Conservation of Foreign
Exchange and Prevention of Smuggling Activities Act, 1974 on or before the filing of declaration
[subject to certain conditions].
• Person in respect of whom prosecution for any offence punishable under the provisions of the
Unlawful Activities (Prevention) Act, 1967, the Narcotic Drugs and Psychotropic Substances Act, 1985,
the Prevention of Corruption Act, 1988, the Prevention of Money Laundering Act, 2002, the
Prohibition of Benami Property Transactions Act, 1988 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;
• Person in respect of whom prosecution has been initiated by an Income-tax authority for any
offence punishable under the provisions of the Indian Penal Code or for the purpose of enforcement of
any civil liability under any law for the time being in force, on or before the filing of the declaration or
such person has been convicted of any such offence consequent to the prosecution initiated by an
Income Tax authority
• Person in respect of whom prosecution for any offence punishable under the Indian Penal Code, the
Person notified under section 3 of the Special Court (Trial of Offences Relating to Transactions in
Securities) Act, 1992 on or before the filing of declaration.
EXCLUSION FROM THE SCHEME
15. CONCLUSION
It is an excellent scheme brought by Government for settling the long and pending dispute.
On should weigh the merit of his case, order if any granted in his favor by previous appellant
authorities, forum till which his case might be litigated by the Tax Department, cost of
litigation ahead.
Cost Burden, specially with respect to Interest payable on conclusion of the said case, if the
case goes against the appellant.
The Impact of the same should be weighed with the probability of winning this litigation till
last Forum.
Thus Consultant your council / Tax Advisor and explore the option of this scheme.
If you find the option of going for the said Scheme then get the compliance done with all due
care at the earliest and Burry the Axe of Litigation for once and for all.
If Your case is strong, we suggest that you could opt to continue with the litigation and get
the said case in your favor and save every money which the Tax Department has raised
through the said fictious order.
16. For a detailed discussion and professional advisory pertaining to the
applicability and compliance of the said provision of law by your entity
Fix an Appointment with our Direct Tax Vertical
Email @ incometax@asija.in
Contact Team Members of Direct Tax Vertical
Adv. Aman Khan CA. Akash Agarwal
Associate. Director Associate. Director
CA Vasudha Jain CA Ashish Kapoor
Director Partner In Charge
(vasudha.jain@asija.in) (ashish.kapoor@asija.in)
incometax@asija.inDirect Tax Vertical – Asija & Associates LLP
17. DISCLAIMER
Direct Tax Vertical – Asija & Associates LLP incometax@asija.in
This document has been prepared by us to provide some key highlights of the Vivad
se Vishwas Act, 2020.
For detailed insight and for better understanding, the said document should be read
along with Vivad se Vishwas Act, 2020 and related provisions of the same.
The analysis and views contained in this presentation are personal in nature, are
meant only for information and do not constitute a professional advise to act.
Neither our firm nor any partner or employee or article of our firm shall responsible
for any decision taken on the basis of the said presentation and without obtaining
our professional guidance or consultation on the matter for which reliance was made
on this presentation.