The Vivad se Vishwas Scheme has received 15 times better response in comparison to Direct Tax Dispute Resolution Scheme, 2016 (DTDRS), and with regard to the settled disputed amount, it is 153 times of DTDRS.
The 1998's Kar Vivad Samadhan Scheme (KVS) Scheme could gather Rs 739 crore with just few thousand cases, while the 2016's DTDR Scheme resolved just 8,600 odd cases involving an amount of Rs 631 crore.
Sources said that the setting up of Dispute Resolution Committee (DRC) announced in the 2021-22 budget is in furtherance of the VsV Scheme. Under DRC, further impetus is to be provided to resolve the litigations in the best interest of the small taxpayers in a Tax Lok Adalat format which would bring transparency and accountability in a faceless manner.
The last date for filing declaration under the VsV scheme has been extended till February 28, while for paying the disputed tax the date is March 31.
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 per cent of the disputed tax and 25 per cent 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 declaration.
The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 to settle direct tax disputes locked up in various appellate forum.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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