What is Vivad Se Vishwas Scheme 2020? Vivad Se Vishwas Scheme | Vivad Se Vishwas Scheme Application Process | Vivad Se Vishwas Yojana 2020 |
Vivad Se Vishwas Scheme 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. Under this scheme, disputed tax cases of direct tax payers will be dealt with . Only the amount of disputed taxes will have to be paid. You should not pay any interest or penalty etc. on this amount on this amount.
What is Vivad Se Vishwas Scheme 2020
The Finance Minister says that benefits from Vivad Se Vishwas Scheme 2020 will be provided to such taxpayers who are sued 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 pending. After making the income tax return process faceless, it has also been made easy for taxpayers to appeal. Through this, his identity will not be disclosed on any appeal of the taxpayers. Today we are going to provide you complete information about Vivad Se Vishwas Scheme 2020 through this article . So read our article carefully and take advantage of this scheme.
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Last chance to take advantage of Vivad se Vishwas scheme
As you all know, the Vivad Se Vishwas scheme was started by the government to resolve the disputes related to income tax. You can get the benefit of this scheme only till 31st December 2020. Earlier this scheme was only till March 2020 but in view of the lockdown, the time limit of this scheme has been extended. Now this scheme is ending on 31st December 2020 .
Now under the Vivad se Vishwas scheme, the businessmen of disputes related to the amount of tax have also been included. Appeals, tribunals, pending court cases etc. have also been included under this scheme. Under the Vivad se Vishwas scheme, the last date for depositing the amount of tax that will be fixed has been fixed as March 31, 2021.
- All those people who will be covered under Vivad se Vishwas scheme will be exempted from penalty and penalty on depositing the prescribed tax and will also get refund if the beneficiary has already deposited the tax amount.
- It has also been told by Tax Adviser Shri Santosh Gupta that depositing the prescribed tax through this scheme will give freedom from interest, penalty and punishment. In case of raids, 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 pronounced the sentence, then in this situation the benefit of the trust scheme will not be able to be availed from the dispute. A certificate will also be provided by the Income Tax Department to the beneficiary on fulfilling all the conditions of this scheme and depositing the prescribed amount.
Vishwas Se Vivad Scheme New Update
The deadline for the ‘ Vivad Se Vishwas Scheme ‘ , brought by the Central Government for settlement of tax disputes, has been extended till December 31, 2020. Our country’s Finance Minister Nirmala Sitharaman and Minister of State for Finance Anurag Thakur on Wednesday extended the deadline Under this scheme, taxpayers can settle their old tax dispute with the government without any additional charges. Taxpayers who want to settle pending disputes under this scheme will now be able to apply till 31 December 2020. For this they will not have to pay any separate fee. In another announcement, the Finance Minister said that all pending refunds including charitable trusts, non-corporate businesses, professionals, LLP firms, partnership firms will be returned soon.
Vivad Se Vishwas Scheme 2020 Highlights
|scheme name||Vivad Se Vishwas Scheme|
|is started by||Union Finance Minister Nirmala Sitharaman|
|launch date||1 February 2020|
|beneficiary||income tax payer|
|payment date||June 30, 2020|
Vivad se Vishwas scheme allows amendment of declaration
Now the Income Tax Department has given permission to amend the declaration under the Vivad Se Vishwas scheme. The amendment can be made in the declaration till the authorization is due and a certificate has been issued with full 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 the 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 the dispute can be appealed under the trust scheme. It also stated that the declaration can be made by the taxpayer only in those cases in which the Advance Ruling Authority has ruled in the interest of the taxpayers and the department has filed an appeal in the High Court or Supreme Court and the income of the taxpayer is determined. In front of AAR.
- Due to the Corona period, in October, the government has extended the payment deadline for the third time till 31 March 2021 under the Vivad se Vishwas scheme. If you want to take advantage of this scheme then you have to submit the declaration by 31st December 2020.
Purpose of Vivad Se Vishwas Scheme 2020
The main objective of this scheme is to reduce litigation in direct tax payments. Under the Vivad Se Vishwas Scheme 2020 launched by Finance Minister Nirmala Sitharaman , arrangements were made to settle disputed tax cases of direct tax. Interest) and penalty will be given complete exemption. Through this Vivad Se Vishwas Scheme 2020 , taxpayers will be able to get relief from the painful process of litigation. Through this scheme, it will help to increase the trust between the taxpayer and the administration and the rights of the taxpayers will be clear. .
Time limit to take benefits of Vivad se Vishwas scheme
Under this scheme taxpayers will have to pay their tax by 31st March 2020 This scheme will continue till June 30, 2020. Therefore, all income tax payers can take advantage of this scheme till 30 June 2020. The Finance Minister said that there are 4,83,000 direct tax cases pending in various appellate forums i.e. Commissioner (Appeals), ITAT, High Court and Supreme Court which will be resolved under this scheme.
Vivad Se Vishwas Scheme 2020 Application Process
Taxpayers who want to take advantage of this scheme, then they have to pay their tax on time. No information has been provided about the application under this scheme. As soon as there is an online application under this scheme , we will let you know through this article. Till then you have to wait a bit.