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Vivaad Se Vishwas

  Jun 26, 2020

Vivaad Se Vishwas

What?

The Direct Tax Vivad Se Vishwas Act, 2020 aims for resolution of tax disputes and related matters.

Why?

  1. As on 30th  November, 2019, there were around 5 lakh cases pending at various levels with disputed tax arrears amounting to approximately Rs 9 lakh crore.
  2.  Further, given the lower rate of disposal of appeals, the amount of disputed tax arrears locked up in these appeals is increasing frequently,

What are the provisions?

Under the proposed scheme

  1. A taxpayer who avails of the scheme by March 31 has to pay 100% of the disputed tax amount in case of appeals related to disputed tax, and 25% of the disputed penalty, interest or fee in case of appeals related to disputed penalty, interest or fee.
  2. Payments made after March 31 will require a taxpayer to pay 110% of the disputed tax amount in case of appeals related to disputed tax, and 30% of the disputed penalty, interest or fee in case of appeals related to disputed penalty, interest or fee.
  3. The scheme is open till June 30, 2020.