Vivad Se Vishwas Scheme 2023
The Vivad Se Vishwas Scheme is a relief scheme launched by the Indian government to provide taxpayers with an opportunity to settle their disputed tax cases without having to pay a high penalty. This scheme was introduced by Union Finance Minister Nirmala Sitharaman on February 1, 2020, while presenting the 2020 budget. The scheme aims to settle the disputed tax matters of direct taxpayers, and if the taxpayers deposit the tax before the stipulated time, they will have to pay only the disputed amount and will not have to face any other penalty or fine.
The need for this scheme arose due to the large number of cases related to direct tax worth Rs 9.32 lakh crore pending in all the courts. Resolving these cases one by one in the courts would take a lot of time and many cases may not even be settled. Therefore, the Vivad Se Vishwas Scheme was started to reduce the number of cases from the courts and enable the government to get the disputed amount.
Initially, the last date for availing of this scheme was March 31, 2020, which was later extended to December 31, 2020. However, due to the COVID-19 pandemic and the resulting economic conditions, the government has now extended the last date of the scheme to March 31, 2023. This extension will enable more taxpayers to take advantage of the scheme and settle their disputed tax cases.
highlights of the Vivad Se Vishwas scheme (VSVS) 2023
| Scheme Name | Vivad Se Vishwas Scheme |
|---|---|
| Launched By | Union Finance Minister Nirmala Sitharaman |
| Launch Date | February 1, 2020 |
| Objective | To settle disputed tax cases of direct taxpayers |
| Eligibility | All direct taxpayers with pending disputes |
| Benefits | Waiver of interest and penalty on disputed tax amount, settlement of disputes |
| Last Date | March 31, 2023 |
| Scope | Appeals, tribunals, and pending cases of courts included |
| Disputed Amount | No limit |
| Disputed Tax Cases | 4.83 lakh cases worth Rs 9.32 lakh crore pending in courts |
| Online Application | Available on the official website of the Income Tax Department |
purpose of the Vivad Se Vishwas Scheme 2023
The purpose of the Vivad Se Vishwas Scheme is to settle the disputed tax matters of direct taxpayers and benefit the government, the courts, and the disputed taxpayers. This scheme will help to reduce the number of cases from the courts and enable the government to get the disputed amount. The scheme will also benefit the disputed taxpayers by enabling them to settle their tax cases without having to pay the high penalty.
At present, there is no information related to applying online for the Vivad Se Vishwas Scheme. However, taxpayers can get complete information related to this scheme on the official website of the Income Tax Department at incometaxindiaefiling.gov.in/home. The website provides detailed information about the scheme, including eligibility criteria, procedures for availing of the scheme, and documents required to apply for the scheme.
beneficial scheme for those taxpayers
The Vivad Se Vishwas Scheme is a very beneficial scheme for those taxpayers who are unable to pay their taxes on time due to various reasons such as financial difficulties, disputes, etc. Under this scheme, taxpayers can easily settle their disputed tax cases by paying only the disputed amount and get complete exemption from any interest, penalty, or prosecution. The scheme was introduced to reduce the burden of pending tax disputes on the government and the courts and to provide relief to taxpayers.
the scheme covers all kinds of direct tax disputes
The scheme covers all kinds of direct tax disputes, including pending cases in various courts, tribunals, and appeals. The scheme also covers tax disputes that have arisen due to raids conducted by the Income Tax Department, provided the disputed amount is less than Rs. 5 crores. The government has extended the deadline for availing of the scheme to March 31, 2023, due to the ongoing pandemic and its impact on the economy.
purpose of the Vivad Se Vishwas Scheme 2023
The purpose of the Vivad Se Vishwas Scheme is to provide relief to taxpayers who are facing difficulties in paying their taxes due to various reasons such as disputes, financial constraints, etc. The scheme aims to settle the disputed tax cases of direct taxpayers and reduce the burden of pending cases on the courts and the government. By doing so, the government aims to generate revenue and improve the ease of doing business in the country.
Income Tax Vivad Se Vishwas 2023
The Vivad Se Vishwas Scheme is a very beneficial scheme for taxpayers who are facing difficulties in paying their taxes due to various reasons. The scheme aims to settle the disputed tax cases of direct taxpayers and reduce the burden of pending cases on the courts and the government. By doing so, the government aims to generate revenue and improve the ease of doing business in the country. The extension of the deadline for availing of the scheme until March 31, 2023, provides more time for taxpayers to take advantage of the scheme and settle their disputes.
Benefits of Vivad Se Vishwas Scheme:
The Vivad se Vishwas scheme offers several benefits to taxpayers who avail of it. Some of these benefits include:
- Complete waiver of interest and penalty: Under this scheme, taxpayers who pay the disputed tax amount before the stipulated time will be granted complete exemption on interest and penalty.
- Speedy resolution of disputes: By opting for the scheme, taxpayers can resolve their disputes quickly and avoid lengthy legal battles. This will not only benefit the taxpayers but also the government and the judiciary system.
- Reduced financial burden: Taxpayers who have disputes pending against them face a heavy financial burden in terms of interest, penalty, and litigation costs. The scheme provides an opportunity for taxpayers to settle their disputes with a lower financial outlay.
Rules of Vivad Se Vishwas Scheme:
To avail of the benefits under the Vivad se Vishwas scheme, taxpayers need to follow certain rules and regulations. Some of the key rules of the scheme include:
- Eligible tax disputes: The scheme is applicable only for disputes related to direct taxes such as income tax, wealth tax, and corporate tax.
- Payment of disputed amount: Taxpayers opting for the scheme must pay the disputed tax amount before the stipulated time to avail of the benefits. Any payments made after the deadline will not be eligible for the scheme.
- Waiver of interest and penalty: Taxpayers will be granted a complete waiver on interest and penalty if they pay the disputed tax amount before the stipulated time.
- Non-applicability of the scheme: The scheme is not applicable for cases where the prosecution has been initiated under various tax laws such as the Income Tax Act, Wealth Tax Act, and others.
Eligibility for Vivad Se Vishwas Scheme:
Not all taxpayers are eligible to avail of the benefits under the Vivad se Vishwas scheme. Some of the key eligibility criteria include:
- Disputed tax amount: The scheme is applicable only for cases where the disputed tax amount is Rs. 50 lakh or less.
- Disputes pending before appellate forums: The scheme is applicable for disputes pending before appellate forums such as the Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court, or Supreme Court.
- Payment of disputed amount: Taxpayers opting for the scheme must pay the disputed tax amount before the stipulated time to avail of the benefits.
- Non-applicability of the scheme: The scheme is not applicable for cases where the prosecution has been initiated under various tax laws such as the Income Tax Act, Wealth Tax Act, and others.
Overall, the Vivad se Vishwas scheme provides an opportunity for taxpayers to settle their tax disputes with ease and at a lower cost. It is a welcome relief for taxpayers who have been facing financial and legal challenges due to disputed tax amounts.
How to Apply Online for Vivad Se Vishwas scheme 2023?
To apply for the Vivad Se Vishwas scheme online, taxpayers need to follow these steps:
- Visit the official website of the Income Tax Department at incometaxindiaefiling.gov.in/home.
- Log in to your account using your credentials, or if you are a new user, register for a new account.
- Once you have logged in, go to the ‘e-File’ tab on the dashboard and select ‘Vivad Se Vishwas Scheme, 2020’.
- Fill in the required details in the application form, such as PAN, Aadhaar number, name, and other relevant information.
- Provide details of the disputed tax amount and the assessment year for which the dispute has arisen.
- Upload the necessary documents related to the dispute.
- Review the details and make the payment of the disputed tax amount using the available payment options.
- Once the payment is made, you will receive a certificate from the designated authority confirming the settlement of the dispute.
It is important to note that before applying online, taxpayers must ensure that they have all the necessary documents related to the dispute, such as assessment orders, demand notices, appeal documents, and so on. They should also carefully review the details provided in the application form to avoid any errors or discrepancies. If they face any difficulties in applying online, they can seek assistance from the designated authorities or consult a tax professional.
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