Direct Tax Vivad Se Vishwas Rules, 2020 : A Short Summary
– Rule 2 defines the terms used in the Rules– Act, Dispute, Eligible search cases, Form, issues covered in favour of declarant and section
– Declaration is to be filed in Form-1 electronically
– Undertaking as required under section 4(5) of VSV Act is to filed in Form-2 electronically
– Designated authority shall grant a certificate electronically in form – 3
– The details of payments made pursuant to certificate along with proof of withdrawal of appeal is to filed in form-4
– The forms shall be furnished electronically using DSC if the ROI is required to be furnished using DSC, in other case through EVC
– The final order of designated authority shall be in form-5
– Rule 9 prescribes Manner of computing disputed tax in cases where loss or unabsorbed depreciation is reduced.
– Rule 10 prescribes Manner of computing disputed tax in cases where Minimum Alternate Tax (MAT) credit is reduced
– Rule 11 clarifies that, Where the dispute includes issues covered in favour of declarant, the disputed tax in respect of such issues shall be the amount, which bears to tax, including surcharge and cess, payable on all the issues in dispute, the same proportion as the disputed income in relation to issues covered in favour of declarant bear to the disputed income in relation to all the issues in dispute.
– Principal DGIT (systems) shall lay down the procedures, formats and standards for furnishing various forms etc. under the scheme