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of <h1>Direct Tax Vivad se Vishwas Act: Simplified Dispute Settlement Amid COVID-19 with Extended Deadlines and Clarifications.</h1> The Direct Tax Vivad se Vishwas Act, 2020 aims to reduce pending income tax litigation and generate timely revenue by providing taxpayers with a mechanism to settle disputes. The Act was amended to accommodate COVID-19 related challenges, extending payment deadlines. The Central Board of Direct Taxes issued a circular providing further clarifications through FAQs on eligibility, computation, and procedural aspects of the scheme. Key points include eligibility criteria for appeals pending as of January 31, 2020, conditions for settling disputes involving search cases, prosecution, and cross-objections, and guidelines on the computation of disputed tax. The circular also addresses procedural questions, such as revising declarations and settling appeals against penalty orders.
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