Vivad Se Vishwas Scheme
Vivad Se Vishwas Scheme:- Union Minister Nirmala Sitharaman introduced this program on February 1st, 2020, to resolve the tax disputes that will arise in 2020. Under this plan, taxpayers who pay direct taxes will resolve any tax disputes. Taxpayers will only be obliged to pay the amount of contested taxes under the VSVS. The Central Government’s plan exempts taxpayers from interest, penalties, and other costs. We will provide you with information on the Vivad Se Vishwas Scheme 2024 in this article today. What is the VSVS? Read our post through to the conclusion to learn everything there is to know about this strategy.
Contents
The Vivad Se Vishwas Scheme assists tax-paying businessmen who are facing harassment from various forums because of tax-related concerns. Or, since they haven’t paid their taxes, they have to go to court. The Central Government launched the VSVS to shield taxpayers from all these issues.
Through this Central Government program, taxpayers can pay any outstanding taxes without incurring penalties. With this approach, all residents who have not paid their income taxes for any reason have been given the chance to do so within the specified time limit once more. There won’t be any excess penalties for businesses working under the VSVS. To take advantage of this Central Government plan, business owners must get in touch with the Income Tax Department. Taxpayers won’t be subjected to any type of identification under this plan.
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| Name of the scheme | Vivad Se Vishwas Scheme |
| Announcement of plan | By Finance Minister Nirmala Sitharaman |
| Beneficiary | Taxpayers |
| Registration Process | Online |
| Objective | Resolution of tax-related matters |
| Category | Central government schemes |
| Official website | incometaxindiaefiling.gov.in |
From the year 2000 to the year 2019, the amount of direct taxes collected has consistently increased; however, in the 2019–20 fiscal year, the amount of direct taxes collected decreased in comparison to the prior years. In the 2018–19 fiscal year, direct tax revenue totaled Rs 11.5 lakh crore. However, in the 2019–20 fiscal year, this amount dropped to Rs 10.5 lakh crore. Following the first observation that direct tax collection was falling, the Finance Ministry launched the Vivad se Vishwas program to improve it. The direct tax collection estimates would rise as a result of this correction.
The principal aim of the VSVS is to expeditiously settle all 4.83 lakh direct tax cases, valued at Rs 9.32 lakh crore, that have been languishing in the legal system for an extended period. Under this arrangement, all of the filed lawsuits will be easily settled one after the other. If the courts handle all of these matters, the resolution process may take a very long period. It is possible that many cases will not be settled using this process. In light of all of these issues, the Central Government has launched a program to help it obtain the disputed sum and lower the number of court cases about these issues.
This scheme’s primary goal is to give taxpayers the option to pay only the amount of disputed taxes. In addition, they will receive a full exemption from interest and penalties for paying this tax. The Central Government has a unique plan in place to stay out of court.
The VSVS would settle any ongoing litigation about taxpayers’ direct taxes before the Supreme Court, High Court, or any other court; just the contested tax amount would need to be paid, and there would be no penalties on that amount. There won’t be any interest or penalties to pay.
Under the Vivad se Vishwas program, the declaration is modifiable until a certificate with all relevant information about tax payments is provided. The taxpayer will not be eligible to get the benefit of this program while the contested tax matters are still pending before the Commission. This arrangement allows a person to file an appeal again if they disagree with the decision reached during the conciliation process.
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The Indian Finance Ministry has introduced the Vivad Se Vishwas Scheme-2. Domestic contract issues involving government agencies or companies with ties to the government will be handled by it. Under this approach, contractors who have submitted orders through April 30th will get the delay amount. After January 31st, those whose cases have been heard will get 65% of the total amount owed; the remaining 85% will go to them.
You must get an application from the Income Tax Department to pay the disputed tax and receive the advantages of the VSVS. since the Central Government has not yet launched an online application for this program. To submit your letter before the deadline, visit the Income Tax Department to obtain the necessary paperwork. You can then take advantage of the VSVS’s benefits.
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Q. Who launched the Vivad Se Vishwas Scheme, and when?
Asn- On February 1, 2020, Finance Minister Nirmala Sitharaman introduced the Vivad Se Vishwas Scheme.
Q. What is the purpose of the Vivad Se Vishwas Scheme?
Ans- The Central Government launched the Vivad Se Vishwas Scheme 2022 to settle tax payment issues. By this plan, the department and the harmed party meet in person to settle the tax dispute.
Q. Who is eligible for the Vivad Se Vishwas Scheme benefits?
Ans- This program is only accessible to taxpayers whose cases amount less than five crores are discovered throughout the raid; nonetheless, only if the court has penalized them and their cases have been settled out of court. They will not receive the scheme’s benefits in such a case.
Ans- With this method, taxpayers only have to pay the disputed tax. The scheme provides a unique exemption from fines and penalties for taxpayers. Under this, taxpayers have the choice not to appear in court.
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