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What is Vivad Se Vishwas Scheme, Complete Details

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Vivad Se Vishwas Scheme It has been started by Union Finance Minister Nirmala Sitharaman while presenting the Union Budget on 1 February 2020 to solve the problems related to disputed taxes. Disputed tax cases of direct tax payers will be dealt with under this scheme. Vivad Se Vishwas Scheme 2023 Under this, taxpayers will have to pay only the amount of disputed taxes (Paying only the amount of disputed taxes). You should not pay any interest or penalty etc. on this amount.

Vivad Se Vishwas Scheme 2023

Finance Minister says that benefit from Vivad Se Vishwas Scheme will be provided to such taxpayer whose case is pending in any forum regarding tax (Benefit from the scheme will be provided to such taxpayers, whose case is pending in any forum regarding tax.) Is.

After making the income tax return process faceless, appeals have also been made easier for the taxpayers. Through this, his identity will not be revealed on any appeal of the taxpayers. Today, through this article of ours, we will tell you about the Vivad se Vishwas scheme. 2020 Going to provide complete information about. Therefore, read this article of ours carefully and take advantage of this scheme.

03rd August Update:- Vivad se Vishwas-2 scheme launched to settle disputes related to government contracts

The Finance Minister has launched the Vivad se Vishwas-2 scheme on 2 August 2023 to clear pending cases related to government and government undertakings. According to a statement released by the Finance Ministry, the scheme will be applicable to all domestic contract disputes in which the government or an organization controlled by it is a party.

For this, the contractors will have to submit their claims by October 31. The ministry said the contractors will have time till October 25 to submit their claims. Under this scheme, according to the ministry, up to 85 percent of the amount due in court orders will be given to the contractor on or before April 30.

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On the other hand, in the case of a court decision passed on or before January 31, this amount will be up to 65 percent of the amount pronounced in the decision. Government procurement portal GEM has also created a separate web page for the operation of Vivad se Vishwas-2 scheme.

Last chance to avail Vivad Se Vishwas scheme

As you all know, the Vivad se Vishwas scheme was launched by the government to resolve disputes related to income tax. You can get the benefit of this scheme only till 31 December 2020.

This scheme was earlier only till March 2020 but in view of the lockdown, the deadline of this scheme has been extended. Now this scheme is ending on 31 December 2023.

Now, under the Vivad se Vishwas scheme, the businessmen of the dispute related to the tax amount have also been included. Appeals, tribunals, pending cases of courts, etc. have also been included under this scheme. Whatever amount of tax will be decided under the Vivad se Vishwas scheme, the last date for depositing it has been fixed as March 31, 2021.

  • All those people who will be included under Vivad Se Vishwas Yojana, they will be exempted from penalty and punishment on depositing the prescribed tax and if the beneficiary has already deposited the amount of tax, they will also get refund.
  • It has also been told by Tax Consultant Mr. Santosh Gupta that depositing the prescribed tax through this scheme will get freedom from interest, penalty and punishment. In case of raid, if the disputed income tax demand is less than Rs 5 crore, then in this situation the benefit of this scheme can be availed.
  • If the court has given the verdict of punishment, then in this situation the benefit of Vishwas scheme will not be availed by the dispute. A certificate will also be provided to the beneficiary by the Income Tax Department on fulfillment of all the conditions of this scheme and depositing the prescribed amount.

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Vivad Se Vishwas Scheme Details in Highlights

Scheme NameVivad Se Vishwas Scheme
initiated byUnion Finance Minister Nirmala Sitharaman
launch date1 February 2020
beneficiaryincome tax payer
date of paymentJune 30, 2020

Permission for amendment of Vivad Se Vishwas Scheme Declaration

Now the Income Tax Department has given permission to amend the declaration under the Vivad se Vishwas scheme. Amendments to the declaration can be made till the authorization is due and the certificate is issued with complete details of tax payment.

A new list of Frequently Asked Questions has been released by the Central Board of Direct Taxes. Under which many questions have been answered. In this list, it has been told by CBDT that the benefit of Vivad se Vishwas scheme cannot be availed when proceedings are pending before the Income Tax Settlement Commission or a petition is filed against the order of ITSC.

  • If the bilateral settlement process is pending resolution or the taxpayer is not satisfied with the decision of the bilateral settlement process and has not accepted the same, then in this situation an appeal can be made under the dispute se vishwas scheme. It also stated that the declaration can be made by the taxpayer only in those cases in which the Advance Ruling Authority has given a decision in the interest of the taxpayer and the department has filed an appeal in the High Court or Supreme Court and assessment of income of the taxpayer. AAR is done in front of it.
  • Due to the Corona period, the government has extended the payment deadline for the third time till March 31, 2021, under the Vivad se Vishwas scheme in October. If you want to take advantage of this scheme, then you have to submit the declaration by 31 December 2020.

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Vivad Se Vishwas Scheme purpose of

The main objective of the scheme is to reduce litigation in direct tax payments. Under the Vivad se Vishwas scheme launched by Finance Minister Nirmala Sitharaman, arrangements were made to settle disputed tax cases through direct tax. In which taxpayers will have to pay only the amount of disputed taxes and they will not have to pay the interest on the tax. ) and penalty will be given full exemption.

Through this Vivad Se Vishwas Scheme, taxpayers will be able to get relief from the painful process of litigation. Through this scheme, it will help in increasing the trust between the taxpayer and the administration and the rights of the taxpayers will be clear.

Time limit for availing the benefits of Vivad Se Vishwas Scheme

Under this scheme, taxpayers will have to pay their taxes by 31 March 2020. If a taxpayer pays after 31 March 2020 under this Vivad se Vishwas scheme, then they will have to pay some additional amount. This scheme will continue till June 30, 2020.

That’s why all income tax payers can take advantage of this scheme till June 30, 2020. The Finance Minister said that there are 4,83,000 direct tax cases pending in various appellate fora ie Commissioner (Appeals), ITAT, High Court and Supreme Court, which will be resolved under this scheme.

Vivad Se Vishwas Scheme Application Process

Taxpayers who want to take advantage of this scheme will have to pay their taxes on time. No application information has been made available under this scheme. As soon as under this scheme any Online Application If it happens, we will tell you through this article. Till then you will have to wait a bit.

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