Vivad se Visvash

Vivad se Visvash

Hi,

My father is a retired senior citizen ( in year 2008), having no income source other than his pension (Income Tax rate 10%). After retirement, he bought a house in year 2008 at Rs. 14,00,000.00 and sold it at Rs. 20,00,000.00 in year within approx. 2 years. He took the full amount in cash. Three years back, he received a notice from IT to explain the deposit of cash in his bank accounts, which he ignored. Now he received a notice to pay a fine of Rs. 13,00,000.00 approx.

My father tried to explain the cash deposit to local IT commissioner, but the case is continued. Two year back he, on advise, filed an application to IT tribunal, for waiver of Income tax and penalty.

Now I want know :

1. Can he file for settlement his case under newly Vivad se Viswash Scheme ?
2. Shall he opt for Vivad se Vishwash Scheme as the initial notice is only for explanation of cash deposit in bank account?
3. How much would be his tax or penalties ?
4. How long will take for closure of case under Vivad se Vishwash Scheme ?

Thanks and Regards

Asked 5 years ago in Income Tax

I need to check the notice and everything and what the appeal and everything and then I can guide on same.

Prima facie it looks like he he can apply for settlement.

Tax and penalty all would depend on what was the case and how it has been handled.

The closure would be within a month of application under Vivad se vishwas.

Also still the forms for such scheme is not out so we need to wait for same.

Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.

Thank you.

Naman Maloo

CA, Jaipur

4309 Answers

104 Consultations

Talk to Naman Maloo

Hello,

Share the notice with us for further understanding.

Regards,

CA Hunny Badlani

Hunny Badlani

CA, Madhya Pradesh

2608 Answers

16 Consultations

Talk to Hunny Badlani

Dear Sir,

Hope you are doing well !!

It is advisable to take a phone consultation for detailed discussion.

Also, share the copy of notice with us.

Payal Chhajed

CA, Mumbai

5189 Answers

305 Consultations

Talk to Payal Chhajed

Hi,

It's important to look at all the documents and orders before concluding anything. but relying on your explanation that appeal is pending before itat, response is as follows:

1. Yes, he can file.

2. Need to see the papers

3. Need to see the demand notice

4. It will get closed by March 2020 or Maximum by June 2020.

please feel free to connect over a phone consultation for detailed discussion on this along with the relevant papers.

Lakshita Bhandari

CA, Mumbai

5687 Answers

954 Consultations

Talk to Lakshita Bhandari

Hi,

Your father can go for Vivaad se Vishwas Scheme. In case there is a dispute regarding Tax along with Interest and Penalties, then the case can be settled only by paying the Tax Amount. Interest and Penalties will be fully waived off.

If the dispute is only regarding Interest and Penalties, then you can settle the case by paying only 25% of the disputed interest and penalties.

Note: Both these will be valid if Payment is made by 31st March. Otherwise, you have time till 30-Jun-20 to make payment. In this case, the amount to be paid will be 110% of Tax Demand or 30% of Interest & Penalties

Pradeep Bhat

CA, Bengaluru

542 Answers

94 Consultations

Talk to Pradeep Bhat

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