2021-06-19 09:04:42
VIVAD SE VISHWAS SCHEME□
ABOUT :-
◇ Government has introduced The Direct Tax Vivad se Vishwas Bill, 2020.
◇ Bill is aimed at resolving direct tax-related disputes in a speedy manner.
◇ In the last budget, Sabka Vishwas Scheme was brought in to reduce litigation in indirect taxes. It resulted in settling over 1,89,000 cases.
◇ The Vivad se Vishwas Scheme is to do for direct tax-related disputes exactly what Sabka Vishwas did for indirect tax-related disputes.
□ NEED OF SUCH SCHEME ?
◇ At present, there are as many as 4,83,000 direct tax cases pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court and Supreme Court.
□ SPECIFICS OF SCHEME
◇ A taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty provided he pays by 31st March 2020.
◇ Those who avail this scheme after 31st March 2020 will have to pay some additional amount.
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