{"id":3813,"date":"2020-02-19T06:48:21","date_gmt":"2020-02-19T06:48:21","guid":{"rendered":"https:\/\/corpbiz.io\/learning\/?p=3813"},"modified":"2020-10-28T17:52:58","modified_gmt":"2020-10-28T12:22:58","slug":"vivad-se-vishwas-scheme","status":"publish","type":"post","link":"https:\/\/corpbiz.io\/learning\/vivad-se-vishwas-scheme\/","title":{"rendered":"Vivad Se Vishwas Scheme: A Complete Overview"},"content":{"rendered":"\n<p>Budget 2020 introduced a bill in the Parliament containing details of the <strong>Direct Tax Dispute Settlement Scheme &#8211; Vivad Se Vishwas.&nbsp;<\/strong><\/p>\n\n\n\n<p>This bill proposes discounted\nor less payment for the dispute settlement. The condition is- only if the\ntaxpayer makes the payment before or on 31 March 2020.<\/p>\n\n\n\n<p>If any taxpayer wants\nto avail the benefit of this bill after or on 1 April 2020, he\/she has to pay a\ncertain percentage of disputed penalty, or interest, or fee.<\/p>\n\n\n\n<p>As per the bill, the Government is yet to notify the last date of the Vivad Se Viswas scheme. However,<strong> Nirmala Sitharaman<\/strong>, the <strong>Finance Minister of India<\/strong><sup><a href=\"https:\/\/en.wikipedia.org\/wiki\/Minister_of_Finance_(India)\">[1]<\/a><\/sup>, mentioned June that 30, 2020, is the last date of the scheme in her budget speech.&nbsp;<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/corpbiz.io\/learning\/vivad-se-vishwas-scheme\/#The_Objective_of_Vivad_Se_Vishwas_Scheme\" >The Objective of\nVivad Se Vishwas Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/corpbiz.io\/learning\/vivad-se-vishwas-scheme\/#Current_Situation_of_Dispute\" >Current Situation of Dispute<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/corpbiz.io\/learning\/vivad-se-vishwas-scheme\/#The_benefit_of_the_Scheme\" >The benefit of the Scheme<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/corpbiz.io\/learning\/vivad-se-vishwas-scheme\/#Amount_Payable_for_Resolution_of_Disputes\" >Amount Payable for Resolution of Disputes<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/corpbiz.io\/learning\/vivad-se-vishwas-scheme\/#The_Exclusion_from_the_Vivad_Se_Vishwas_Scheme\" >The Exclusion from\nthe Vivad Se Vishwas Scheme<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Objective_of_Vivad_Se_Vishwas_Scheme\"><\/span>The Objective of\nVivad Se Vishwas Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The main objective of\nVivad Se Vishwas Scheme is covering all the matters pending (before 31 January\n2020) on any appellate forum. Now the taxpayers can end their ongoing tax\ndisputes by withdrawing their appeals. Not only that but also by filing a\ndeclaration form and paying the disputed tax.&nbsp;<\/p>\n\n\n\n<p>As per the Vivad Se\nVishwas bill, the taxpayer needs to pay the same amount, as the designated\nauthority has determined in the certificate within 15 days span, which starts\nfrom the date of receiving the same. Next, the taxpayer has to intimate the\ndetails of this payment to the designated authority in the provided form, and\nafter that, the designated authority must pass an order, which will state that\nthe taxpayer has paid the amount.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Current_Situation_of_Dispute\"><\/span>Current Situation of Dispute<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>At the present time, 4.83 lakh direct tax cases are pending in different appellate forums. Ex- <strong>Income Tax Appellate Tribunal (ITAT)<\/strong><sup><a href=\"https:\/\/itat.gov.in\/\">[2]<\/a><\/sup><strong>,<\/strong> Commissioner (Appeals), High Court, and Supreme Court. But with the proposed scheme, now a taxpayer needs to pay only the disputed tax amount. Alongside, the person will get all waiver of interest and penalty. Here is a condition- only if the taxpayer pays the disputed amount before or on 31 March 2020. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_benefit_of_the_Scheme\"><\/span>The benefit of the Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Vivad Se Vishwas\nscheme will bring finality to all those tax litigation, pending for a long time\nfor the taxpayers and in various appellate platforms. If the tax authorities\ntake this as a campaign and educate the taxpayers about the effectiveness of\nthis scheme, the Government and taxpayers both will be in a win-win\nsituation.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Amount_Payable_for_Resolution_of_Disputes\"><\/span>Amount Payable for Resolution of Disputes<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Here we have furnished the details of the payable amount corresponding to the deadline-<\/p>\n\n\n\n<table class=\"table table-bordered\"><tbody><tr><td>\n  <strong>Disputes relating to<\/strong>\n  <\/td><td>\n  <strong>Payable before 31 March 2020<\/strong>\n  <\/td><td>\n  <strong>Paid after 31 March, 2020 but on or before 30 June 2020<\/strong>\n  <\/td><\/tr><tr><td>\n  Payment of tax\n  <\/td><td>\n  100% amount of disputed tax (any interest or penalty associated with\n  such tax will be waived)\n  <\/td><td>\n  110% of the amount of disputed tax or\n  Whichever is lower-disputed interest or disputed penalty related to the\n  tax\n  <\/td><\/tr><tr><td>\n  Payment of fee, interest or penalty\n  <\/td><td>\n  25% of the amount under such dispute \n  <\/td><td>\n  30% of the amount under such dispute\n  <\/td><\/tr><\/tbody><\/table>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"The_Exclusion_from_the_Vivad_Se_Vishwas_Scheme\"><\/span>The Exclusion from\nthe Vivad Se Vishwas Scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Those taxpayers who\nhave tax arrears regarding disputes won\u2019t be able to avail of the Vivad Se Vishwas\nscheme. Type of tax arrears related disputes are as follows-&nbsp;<\/p>\n\n\n\n<ol><li>Disputes relating to an assessment year in regards to which an assessment has been made as per section 153A or section 153C of      the Income-tax Act, and if it relates to any tax arrear<\/li><li>Disputes relating to an assessment year for which prosecution got instituted by the date of filing of declaration<\/li><li>Tax disputes relating to any undisclosed income from a source which is outside India or any undisclosed asset outside India<\/li><li>If a taxpayer has appealed to Commissioner regarding any tax dispute, and a notice has been issued under section 251 of Income-tax Act in respect to that appeal by the specified date, the person won\u2019t be eligible&nbsp;<\/li><li>Tax disputes related to an assessment or reassessment made upon the information received under an agreement which refers to section 90 or section 90A of the Income-tax Act, and if it relates to any tax arrear, the taxpayer can\u2019t avail Vivad Se Vishwas scheme. <\/li><\/ol>\n\n\n\n<p class=\"text-left\"><b>Read our article<\/b>:<mark style=\"background: #fffd03 !important;\"><a href=\"https:\/\/corpbiz.io\/learning\/deduction-under-section-80ggb-and-80ggc-of-income-tax-act\/\">Section 80GGB and Section 80GGC: Tax Deductions from Donations to Political Parties<\/a><\/mark><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Budget 2020 introduced a bill in the Parliament containing details of the Direct Tax Dispute Settlement Scheme &#8211; Vivad Se Vishwas.&nbsp; This bill proposes discounted or less payment for the dispute settlement. The condition is- only if the taxpayer makes the payment before or on 31 March 2020. If any taxpayer wants to avail the [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":3814,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[153],"tags":[321],"acf":{"service_id":"0"},"authorName":"Shubham Chauhan","authorImageUrl":"https:\/\/corpbiz.io\/learning\/wp-content\/uploads\/2020\/02\/shubham-chauhan.jpg","authorDescription":"A passionate legal content writer, a nature enthusiast, an avid reader, and a part-time thinker. By means of conducting in-depth research on industry related topics, Shubham often builds flawless and intelligible legal content for populace from all walks of life.","postViews":7349,"readingTime":3,"_links":{"self":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/3813"}],"collection":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/comments?post=3813"}],"version-history":[{"count":8,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/3813\/revisions"}],"predecessor-version":[{"id":18567,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/posts\/3813\/revisions\/18567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media\/3814"}],"wp:attachment":[{"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/media?parent=3813"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/categories?post=3813"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/corpbiz.io\/learning\/wp-json\/wp\/v2\/tags?post=3813"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}