Direct Tax Vivad se Vishwas Rules and Forms notified [Read Notification]

vivad se vishwas rules- Taxscan

The Ministry of Finance has notified Direct Tax Vivad se Vishwas Rules and Forms for the purpose of effectively resolving disputes regarding Direct Taxes.

The Vivad se Vishwas Rules defined ‘dispute’ as any appeal, writ or special leave petition filed or appeal or special leave petition to be filed by the declarant or the income-tax authority before the Appellate Forum, or arbitration, conciliation or mediation initiated or given notice thereof, or objections filed or to be filed before the Dispute Resolution Panel under section 144C of the Income-tax Act, or application filed under section 264 of the Income-tax Act.

The CBDT also mandated the manner of furnishing the forms, the procedure and standards and the orders of designated authorities for respective cases.

It also explicitly makes provisions for the manner of computing disputed tax in cases where loss or unabsorbed depreciation is reduced and in cases where Minimum Alternate Tax (MAT) credit is reduced and distinct provisions of schedules applicable where declaration relates to disputed tax in cases of PAN and TDS/TCS.

The Ministry of Finance had notified the Direct Tax Vivad se Vishwas Act, 2020. The Direct Tax Vivad se Vishwas Act, 2020 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on February 5, 2020.  The Act provides a mechanism for resolution of pending tax disputes related to income tax and corporation tax.

To Read the full text of the Notification CLICK HERE