govinfoadmin
Finance Minister Nirmala Sitharaman has announced Tax scheme “Vivad se Vishwas scheme” in Budget 2020. Under the scheme Taxpayer resolve their disagreement with income tax department without paying interest and penalty before December 31, 2020. After the deadline, taxpayer have to pay 10 per cent of the disputed interest or disputed penalty.
UPDATE (Atmanirbhar economic package/14.May.2020): Deadline for scheme is increased till 31st Dec 2020
What is the Vivad se Vishwas scheme:
- A scheme by income tax department of India
- A scheme to resolve tax dispute easily
| Scheme: | Vivad se Vishwas scheme |
| Benefits: | Easiest way to resolve tax disputes |
| Beneficiaries: | Taxpayer of India |
| Launched By: | Government of India |
Benefits:
- Taxpayer get enough time to resolve tax related dispute
- Simple processes to resolve the dispute
Objective:
- It will increase taxpayer confidences in IT department
- It will increase tax collection
Eligibility Criteria:
- Scheme is applicable for Indian taxpayer only
