Section 3 of DTVSV Act, 2020 : Section 3: Amount Payable By Declarant
DTVSV Act, 2020
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Explanation using Example
Imagine a company named "TechCorp" is under dispute with the Income Tax Department over the tax assessment for the financial year 2018-2019. The dispute involves a contested tax amount of INR 10,00,000, which includes the tax itself, along with interest and penalties imposed by the department. TechCorp believes that the additional charges are unjust and has filed an appeal.
Under the Direct Tax Vivad se Vishwas Act, 2020, TechCorp decides to settle the dispute and takes advantage of the scheme before December 31, 2020. According to the Act, TechC...
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