The good news for millions of taxpayers who have given declarations under the Vivad Se Vishwas scheme, and want to add some changes or improvements or something to it. The IT department has given answers to all such questions in its new FAQs set. You also understand.
If you have given the Declaration under the ‘Vivad Se Vishwas’ scheme, but you want to amend it, you can do so. The Income Tax Department has made it clear that taxpayers can amend the declaration till the tax authorities issue a certificate with full knowledge of tax authoroties and tax payments.
What has changed in ‘Vivad Se Vishwas’
1. Releasing a new list of frequently asked questions (FAQs) from the dispute to the trust scheme, the Central Board of Direct Taxes (CBDT) said that the scheme cannot be availed in the case where the Income Tax Settlement Commission (Income Tax) Settlement Commission) proceedings pending or writ petition has been filed against the order of ITSC.
2. In cases where the Mutual Agreement Procedure-MAP decision is pending resolution or the taxpayer has not accepted the MAP decision. Such appeals can be made under dispute with confidence. In such cases, the details will have to be withdrawn by both the MAP application and the appeal.
3. Taxpayers will be eligible to make declarations in cases where the Authority for Advance Ruling has ruled in favor of the taxpayers and the department has filed an appeal in the High High Court / Supreme Court and the taxpayer. Total income has been decided before the AAR.
Delay till 31 December
For the third time in October, due to the Corona epidemic, the government has extended the payment deadline for three months to March 31, 2021 under the dispute-to-trust scheme. However, the beneficiaries of the scheme will have to submit the declaration by 31 December 2020.
Partan Sandeep Jhunjhunwala of Nangia Anderson LLP said that with the amendment provision, taxpayers will be able to modify the application in case where there are some flaws or the matter has been reconsidered due to factual explanation.
He said that the authorities are ensuring that the taxpayers get the benefit of the scheme. The scheme is new, in such a situation, with the permission of the review before the certificate is issued, the applicants will be able to amend the application in cases where defects have been found or any clarification has been received from the authority.
72,480 crores received
The government has received Rs 72,480 crore under this scheme till 17 November. A total of 45,855 taxpayers gave information under the scheme. Till November 17, tax demand of Rs 31,734 crore was involved in a dispute. Public sector companies are also settling a total dispute of one lakh crore rupees under the scheme.
This will be settled as
Under this scheme, the facility of settlement of disputed tax, disputed interest, disputed penalty or disputed fees is available for assessment or re-assessment. Under this, it can be settled by paying 100% of the disputed tax, 25% of the disputed penalty, fees or interest.