VIVAD SE VISHWAS SCHEME
VIVAD SE VISHWAS SCHEME
The bill is aimed at resolving Direct Tax-related disputes in a speedy manner.
Question-1: – Who can avail of the benefit under this scheme?
Answer: -A taxpayer can avail the benefit under the scheme in respect of Income-tax appeals pending before the appellate forum as on 31-01-2020. These appeals could be filed either by the taxpayer or by the Income-tax authority.
The following person shall also be eligible for the benefit under this scheme:
a) A person in whose case, the writ petition is pending before the High Court or special leave petition is pending before the Supreme Court.
b) A person in whose case, an order has been passed by the Assessing Officer or appellate forum and the time limit for filing an appeal against such order has not expired on or before 31-01-2020.
c) A person who has filed an objection with the Dispute Resolution Panel (DRP) under section 144C and no direction has been issued by DRP on or before 31-01-2020.
d) A person against whom directions have been issued by DRP on or before 31-01-2020 but the Assessing Officer has not yet passed an assessment order in pursuance of such directions.
e) A person who has filed an application for revision under section 264 and such application is pending on or before 31-01-2020.
Question-2: – How much tax is payable under this scheme? Answer: –
|
Dispute relating to |
Payable Before March 31, 2020 |
Additional Amount Payable after 31 March 2020 |
|
Payment of Tax |
Amount of disputed tax (Any interest or penalty associated with such tax will be waived) |
(i) 10% of the amount of disputed tax. Or, (ii) Interest and penalty relating to that tax, whichever is lower
|
|
Payment of fee, interest, or penalty |
25% of the amount under such dispute For example- interest & penalty amount 100000 But payable only 25000 (100000*25%) |
Another 5% of the amount under such dispute For example- interest & penalty amount 100000 But payable only 30000 (100000*30%) |
Question-3: – What is the last date of Vivad se Vishwas scheme?
Answer: – 30 June 2020.
Question-4: – How many disputes pending under direct taxes?
Answer: – As per official estimates, there are 4,83,000 direct tax-related disputes pending at various platforms involving tax dues of ₹9.32 trillion.
Question-5: – Who are ineligible disputes under Vivad se Vishwas scheme?
Answer: – (i) Where prosecution has been initiated.
(ii) Involve persons who have been convicted.
(iii) Involving undisclosed foreign income or assets.
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