Filling of Declaration Form and Particulars to be furnished for getting benefit of Vivad se Vishwas Scheme, 2020.

On 5th February 2020, the Honourable Finance Minister of India, Mrs. Nirmala Sitharaman introduced The Direct Tax Vivad se Vishwas Bill, 2020 in the Parliament. After introduction of the Bill, a notice for moving amendments to the provisions of the Bill has been proposed to the Parliament on 14th Feb, 2020, which is subject to the approval of and passing by the Parliament and receiving assent of the President. The Procedural requirement of the scheme is as follows.

1. To avail this benefit the aggrieved taxpayer who is eligible to opt for this scheme has to file a declaration before the designated authority in such form as may be prescribed. The designated authority shall determine the amount payable by the declarant within 15 days of declaration and Grant a Certificate showing tax or amount to be paid and the manner in which it has to be paid.
2. Upon the filling of declaration form by the aggrieved taxpayer, any appeal which is pending before Income Tax Appellate Tribunal or Commissioner of Income Tax Appeals shall be deemed to have been withdrawn from the date on which certificate is issued by the designated authority. If any appeal of the aggrieved taxpayer is pending before High court or Supreme Court of India against any order in respect of any tax arrears, the withdrawal of such appeal of writ petition with the permission of the relevant court only after submitting the proof of such withdrawal alongwith the intimation of payment to the designated authority.
3. In regard to above if the aggrieved taxpayer has initiated any proceedings for arbitration, conciliation or mediation or has given notice under any law for the time being in force or has entered into any agreement by India with any other country or territory outside India then that taxpayer shall withdraw the claim, if any after acquiring the certificate from the designated authority and submit proof of such withdrawal alongwith the intimation of payment to the designated authority.
4. Once certificate mentioning amount payable is issued to the aggrieved taxpayer, the aggrieved taxpayer within 15 days from the receipt of Certificate will have to pay the same & intimate the details of payment along with proof of withdrawal of appeal/writ. Further it is to be noted that the aggrieved taxpayer shall submit an undertaking waiving his or her right with regard to pursue any remedy or any claim in relation to relaxing the tax arrear which may be otherwise available to the taxpayer under any law.

The interesting point to note that is the declaration will be considered never to be made if below mentioned circumstances arise:

1. If any material particular submitted in the declaration is found to be false at any stage.
2. If the aggrieved taxpayer violates any of the conditions referred in the said Act.
3. If the aggrieved taxpayer acts in any manner which violates the undertaking given by him or her.

If the aggrieved taxpayer does not act in accordance with any of the conditions as mentioned above then the withdrawal of appeal in such circumstances would be deemed to have be revived. If everything goes in accordance with the steps mentioned as above then the aggrieved taxpayer will get a final order conclusive against which no matter covered therein will ever be opened or investigated for persuasion . This is a great step initiated by the government to reduce tax from the aggrieved taxpayer.

Download the Full copy of THE DIRECT TAX VIVAD SE VISHWAS BILL, 2020
Read with amendments here.

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