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A quarter of direct tax litigations getting resolved via 'Vivad Se Vishwas'


The Centre s ambitious tax dispute resolution scheme Vivad Se Vishwas has settled almost a quarter of the over 5.10 lakh tax disputes, with about Rs 97,000 crore worth disputed tax being resolved so far under it.
As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora, according to sources in the Department of Revenue (DoR).
The response to VsV Scheme has been very encouraging and so far involves the tax dispute settlement amount to the tune of more than Rs 97,000 crore, sources added. ....

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About a quarter of direct tax litigations getting resolved via 'Vivad Se Vishwas'


About a quarter of direct tax litigations getting resolved via Vivad Se Vishwas
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Last Updated: Feb 06, 2021, 04:14 PM IST
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Synopsis
As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora, according to sources in the Department of Revenue (DoR).
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The taxpayer is granted Immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.
The Centre s ambitious tax dispute resolution scheme Vivad Se Vishwas has settled almost a quarter of the over 5.10 lakh tax disputes, with about Rs 97,000 crore worth disputed tax being resolved so far under it. ....

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Tax disputes worth Rs 97,000 crore come for settlement under new amnesty scheme


Tax disputes worth Rs 97,000 crore under new amnesty scheme
Vivad se Vishwas Scheme has received 15 times better response in comparison to Direct Tax Dispute Resolution Scheme (DTDRS) in 2016; the disputed amount settled under it is 153 times that of DTDRS
Dipak Mondal | February 6, 2021 | Updated 01:35 IST
The direct tax dispute resolution scheme, Vivad se Vishwas 2020, has received encouraging response so far. Tax disputes involving Rs 97,000 crore have come for settlement under the scheme, sources from the Revenue Department said. So far, 125,144 cases have come for settlement under the scheme, which is 25 per cent of total 510,419 cases pending in different legal forums.
The Vivad se Vishwas scheme was launched in March 2020 just before the outbreak of COVID-19 pandemic. It will be open till February 28, 2021. The scheme was introduced with the objective to reduce pending income tax litigation, generate timely revenue for the Government and to benefit taxpaye ....

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