Page 28 - Budget_2020

Union Budget 2020
Solution

Particulars (Amount in Rs.) Application made on 01.03.2020 Application made on 05.04.2020
(Amount in Rs.) (Amount in Rs.)
Disputed Income (1,00,00,000 – 30,00,000 30,00,000
70,00,000)
Disputed Tax (excluding interest on 6,50,000 6,50,000
disputed tax)
Interest on such disputed tax* 50,000 50,000
Disputed Interest** 60,000 60,000
Amount Payable for disputed tax (1) 6,50,000 7,00,000 (6,50,000 + (10% of 6,50,000,
restricted to Rs. 50,000 of interest))
Amount payable for disputed interest 15,000 (25% of Rs. 60,000) 18,000 (30% of Rs. 60,000)
(2)
Total amount payable under the Rs. 6,65,000 Rs. 7,18,000
scheme (1+2)

* Shall not include disputed interest ** which results out of disallowance
Time and Manner of Payment

Within 15 days – authorities shall determine the amount payable and grant certificate
Within next 15 days – Payment needs to be paid by the applicant, after which final order shall be passed

Implication of Final Order

• Order passed shall be conclusive and matter covered by such order shall not be reopened in any other proceeding
• Authorities would not institute any proceeding in respect of an offence; or
• impose or levy any penalty; or
• charge any interest

Non-Applicability
The provisions of the Act shall not apply in respect of tax arrears:

• relating to an AY in respect of which an assessment has been made under Search and Seizure (tax arrears of block assessment
years excluded but arrears of search year eligible for application)
• relating to an AY in respect of which prosecution has been instituted on or before the date of filing of declaration
• relating to any undisclosed income from a source located outside India or undisclosed asset located outside India
• relating to an assessment or reassessment made on the basis of information received under TIEA - Tax Information
Exchange Agreements
• relating to an appeal before the CIT(A) in respect of which notice of enhancement of income or penalty has been issued on
or before the 31 January 2020
st
The provisions of this Act shall not apply to any person:

1. In respect of whom an irrevocable order of detention has been made under the Conservation of Foreign Exchange and
Prevention of Smuggling Activities Act, 1974
2. In respect of whom prosecution has been initiated under any of the specified laws for any offence or civil liability
3. Has been notified for committing an offence in securities as per the Special Court (Trial of Offences Relating to Transactions in
Securities) Act, 1992

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