Rs 72,480 crore deposited under Vivad se Vishwas scheme


Rs 72,480 crore deposited under Vivad se Vishwas scheme

NEW DELHI: The government of Indias Vivad se Vishwas direct tax dispute settlement scheme has garnered Rs 72,480 crore so far from the CPSUs and taxpayers against the disputed demand, Finance Ministry sources said.

During a high level review meeting on the progress made so far on the scheme by the Income Tax Department, it was ascertained that total 45,855 declarations have been filed in Form 1 till November 17 and disputed demand covered by these declarations amounts to Rs 31,734 crore.

Also, the total disputed amount of the CPSUs being settled under the scheme is Rs 1,00,195 crore, sources said.

Finance Ministry Sources said that the IT department decided to adopt a proactive approach for implementation of the scheme by regular monitoring of issue of Form 3 to taxpayers who have filed declarations, completing any pending rectifications/giving appeal effects for finalisation of demand, launching an e-campaign to inform taxpayers about the scheme, guiding and facilitating them in filing of declarations and removing any difficulties or problems faced by them in availing the Scheme.

Consequent to declaration under the scheme and on fulfillment of conditions, all appeals are withdrawn (both by taxpayer and by department). In view of hardship being faced by taxpayers due to the pandemic situation of Covid-19, the deadline for filing of declarations under the scheme has been extended to December 31, 2020 and the deadline for payment without paying any interest and penalty has been extended to March 31, 2021.

It may be noted that the Vivad se Vishwas Scheme was launched on March 17 after the approval of Parliament with the objective of reducing litigation. The scheme provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee. The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-Tax Act in respect of matters covered in the declaration.

Source: IANS

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