Deep Discussion on Vivad se Vishwas Scheme: Income Tax

Deep Discussion on Vivad se Vishwas Scheme: Income Tax EXTRACT FROM BUDGET SPEECH OF HON’BLE FINANCE MINISTER SMT NIRMALA SITHARAMANAN ON 1ST FEB,2020 The H’ble FM mentioned in her Budget 2019 Speech as under: “126. No Dispute but Trust Scheme – ‘Vivad Se Vishwas’Scheme • Sir, in the past our Government has taken several measures to reduce tax litigations. In the last budget, Sabka Vishwas Schemewas brought in to reduce litigation in indirect taxes. It resultedin settling over 1,89,000 cases. Currently, there are 4,83,000direct tax cases pending in various appellate forums i.e.Commissioner (Appeals), ITAT, High Court and Supreme Court.This year, I propose to bring a scheme similar to the indirect taxSabka Vishwas for reducing litigations even in the direct taxes Under the proposed ‘Vivad Se Vishwas’ scheme, a taxpayer would be required to pay only the amount of the disputed taxesand will get complete waiver of interest and penalty provided hepays by 31st March, 2020. Those who avail this scheme after 31st March, 2020 will have to pay some additional amount. [caption id="attachment_88093" align="aligncenter" width="769"] Deep Discussion on Vivad se Vishwas Scheme[/caption] The scheme will remain open till 30th June, 2020. • Taxpayers in whose cases appeals are pending at any level canbenefit from this scheme. • I hope that taxpayers will make use of this opportunity to getrelief from vexatious litigation process.” Download PPT https://youtu.be/cRh8eq7dikM