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I-T Dept gets Rs 72,480 crore under Vivad Se Vishwas Scheme

Finance Ministry has decided to adopt a proactive approach for implementation of the scheme; deadline for the scheme has been extended to March 31, 2021, in view of coronavirus pandemic

twitter-logoDipak Mondal | November 19, 2020 | Updated 00:02 IST
I-T Dept gets Rs 72,480 crore under Vivad Se Vishwas Scheme

The amnesty scheme of the income tax department - Vivad Se Vishwas - has garnered Rs 72,480 crore against disputed tax demands cumulatively worth Rs 1.32 lakh crore till November 17, 2020.

Finance Ministry sources said that during a high-level review meeting on the progress made so far on the Vivad Se Vishwas Scheme, it was ascertained that total 45,855 declarations have been filed in Form 1 till November 17, 2020, and disputed demand covered by these declarations amounts to Rs 31,734 crore. Total disputed amount of Rs 1,00,195 crore related to central PSUs was also settled under the scheme.

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Finance Ministry sources said that it was decided to adopt a proactive approach for implementation of the scheme by regular monitoring of issue of Form 3 to taxpayers who have filed declarations, completing any pending rectifications/giving appeal effects for finalisation of demand, launching an e-campaign to inform taxpayers about the scheme, guiding and facilitating them in filing of declarations and removing any difficulties or problems faced by them in availing the scheme.

Sources said that consequent to declaration under the scheme and on fulfilment of conditions, all appeals are withdrawn (both by taxpayer and by department). In view of hardship being faced by taxpayers due to the pandemic situation of COVID-19, the deadline for filing of declarations under the scheme has been extended to December 31, 2020, and the deadline for tax payment without paying any interest and penalty has been extended to March 31, 2021.

ALSO READ: Cabinet approves changes in 'Vivad se Vishwas Bill' to reduce tax litigations

The Vivad Se Vishwas Scheme was launched on 17 March 2020 after approval of the Parliament with the objective of reducing litigation. The Scheme provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100% of the disputed tax and 25% of the disputed penalty or interest or fee. 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 decl

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