FAQ's Vivad se Vishwas Scheme updated as on 22nd April 2020

FAQ's Vivad se Vishwas Scheme updated as on 22nd April 2020 55 questions containcd in circular no 7 of 2020 are reissued under this circular with following modifications (i) Vivad se Vivad se Vishwas reffered to Direct Tax Vivad se Vishwas Bill, 2020 in circular no 7. However, in this circular it refers to The Direct Tax Vivad Se Vishwas Act, 2020; (ii) Since clauses of the Bill have now become sections in the Vivad se Vishwas, the reference to "clause" in circular no 7 has been replaced with "section"; (iii) Reference to declaration form in circular no 7 has been replaced with referencing of relevant form, since rules and forms have now been notified; and (iv) Answer to question no 22 has been modified to reflect the correct intent of the law. It has now been clarified that where only notice for initiation of prosecution has been issued without prosecution being instituted, the assessee is eligiblc to file declaration under Vivad se Vishwas. However, where the prosecution has been instituted with respect to an assessment year, the assessee is not eligible to file declaration for that assessment year under Vivad se Vishwas, unlcss the prosecution is compounded before filing the declaration. Source Link