Tax Dept Is All Set to Welcome Vivad Se Vishwas Scheme: Budget 2020

Sources recently revealed the progress of Vivad Se Vishwas Scheme that was introduced in Budget 2020 aimed at clearing all the pending disputes on the tax levy. The tax officials are just waiting to hear from the president. CBIC has also alerted its officials on the commencement of the scheme and directed them to be prepared with the calculations of the tax so that there are no last moment hassles while execution of the said scheme.

Note: “Vivad se vishwas scheme has been extended till 30th June, 2021 due to covid19 in India”

Following the strict deadline of June 30. The online framework that will be utilized by the assessees for availment of the said scheme is on the verge of completion. Approval from the Parliament for the applicability of the scheme has already been achieved on Friday. Vivad Se Vishwas Scheme Know about the tax dispute settlement scheme (Vivad se Vishwas Bill) under the IT act. Under this scheme, taxpayers can settle all disputes before the end of 31st March 2020 once commenced will let the taxpayers sort all the pending liabilities of the along with payment of minimal interest or penalty until 31 March 2020.

After the due dates, taxpayers can avail of the scheme following some additional payment (penalty or interest on delayed payments) till 31 July 2020. No filings would be accepted after 31 July 2020. One of the senior tax officials declared that all the compliance forms and online framework is ready and the department is now only waiting for the bill to become functional. System utility is all set so that online declarations could be filed as soon as the bill is implemented.

Forms will be launched having the amount preloaded that is to be paid by the taxpayers by June 30, 2020. This feature will facilitate the taxpayers as they don’t have to invest time in calculating their pending liabilities. The forms designed are based on Assessment Years where each year shows the disputed tax, amount paid and the balance payable. The system is adopted since setting off the refund of one assessment year will not be eligible for payment of tax for the next assessment year.

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Field tax officers have deeply investigated the compliance policies and have done the calculations in several cases. After filing the declaration (either by the individual or entity) 15 days will be given for investigation. But since the field officers have done much of their work they will do it before time, said a senior tax official. Further, the department has decided to make chief commissioners for every jurisdiction to monitor the work of the tax officials and ensure that the entire network is able to address the issues of the taxpayers