Vivad Se Vishwas Scheme 2020- Settle your Income Tax disputes

VIVAD SE VISHWAS SCHEME 2020

Settle your Income Tax disputes by 31^st March, 2020 to avail higher benefits

Eligibility For Vivad Se Vishwas Scheme 2020

Appeals/writs filed on or before 31.01.2020 and pending
Orders for which time for filing appeal has not expired on 31.01.2020
Cases pending before Dispute Resolution Panel (DRP) on 31.01.2020
Cases where DRP issued direction on or before 31.01.2020 but no order has been passed
Cases where assessee filed revision (Section 264) on or before 31.01.2020
Search case if the disputed tax is less than Rs. 5 Crore in a year
The appeals/writs filed by taxpayers or the department
Disputes where the payment has already been made shall also be eligible
Cases in arbitration in India or Abroad

Disputes Covered Under Vivad Se Vishwas Scheme 2020

All disputes, subject to some exclusion, in relation to the-

(i) Disputed tax

(ii) Disputed penalty

(iii) Disputed interest

(iv) Disputed fee

(v) Disputed tax deducted at source (TDS) or tax collected at source (TCS)

Salient Features…Payment Terms Under Vivad Se Vishwas Scheme 2020

Payment mode on or before

Appeal realates to dispute tax or interest or fee

Appeal realates only to dispute penalty

31^st March,2020

100% of the dispute tax (125% in search cases)

25% of the dispute penalty interest or fee

End date

(30^th June,2020)

110% of the dispute tax

(135% in search cases) such that it does not increase total demand

30% of the dispute penalty interest or fee

If an issue in taxpayer’s pending appeal already decided in his favour by appellate forum or if department has filled appeal on an issue, amount payable is 50% of aforesaid amount.

Source- Income Tax Department