Vivad se Viswaas Scheme

Context:

• Rs 99,756 crore disputed tax amount settled under Vivad Se Vishwas scheme.

About the Scheme:

• The scheme provides for settlement of disputed tax, disputed interests, 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 the 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 forums.
• No targets were fixed by the Government under the 'Vivad Se Vishwas'
• The scheme was a voluntary scheme for resolving pending direct tax disputes amicably with the taxpayers