The Central Board of Direct Taxes (CBDT) has issued an official order under section 10 of the Direct Tax Vivad se Vishwas Act, 2020 (‘DTVsV Act’) concerning the acceptance of delayed payments of taxes specified in Form-3 of the DTVsV Rules 2020. This blog post aims to provide detailed information on the order, including conditions for acceptance, procedures, and important deadlines.
Conditions for Acceptance
- Full Payment Requirement:
- The assessee must have made the full payment of taxes, including any amount payable after the due date as prescribed in Form-3 of the DTVsV Rules, on or before 28.02.2022.
- Appeal Status:
- The appeals mentioned in Form-1 of the DTVsV Rules must either have been withdrawn or not decided as of the date of the full payment of taxes.
Procedure for Acceptance
- Issuance of Modified Form-3:
- The concerned Principal Commissioner of Income Tax (PCIT) shall manually issue a modified Form-3 if necessary and allow the assessee to file Form-4 manually.
- Examination and Issuance of Form-5:
- The PCIT will then manually issue Form-5 after examining the conditions as per the DTVsV Act.
- Completion Deadline:
- The entire process must be completed by 30th September 2024.
Approval and Signatories
- The order has been issued with the approval of the competent authority and is signed by Ashwani Kumar, DCIT (OSD), ITA-I, CBDT.
Distribution
- Copies of this order are distributed to various officials and departments, including the PS to FM/OSD to MoS, PPS to Secretary (Revenue), Chairman and members of CBDT, Chief Commissioners of Income-tax, Joint Secretaries, Additional Director Generals, and others.
Conclusion
This order aims to facilitate the resolution of tax disputes under the Direct Tax Vivad se Vishwas Act by extending deadlines for taxpayers who meet certain conditions. It provides a clear procedure for the acceptance of delayed payments and ensures that the process is completed within the stipulated timeframe.
For more detailed information and guidance, individual taxpayers and business owners are encouraged to consult with their tax professionals or reach out to the concerned tax authorities.