Vivaad Se Vishwas scheme to help save time, money in fighting
New Delhi, Mar 2 () Finance Minister NirmalaSitharaman on Monday said the direct tax dispute resolutionscheme announced in Budget will be of great help to people asthey will be able to save time and money spent in fightingcases.
As many as 4.83 lakh direct tax cases worth Rs 9.32 lakhcrore are locked up in various appellate forums such asCommissioner (Appeals), ITAT, High Courts, Supreme Court andDebt Recovery Tribunals.
"The scheme will give settlement option to all thosewith disputed tax... This will be of great help becausepeople spent a lot of time and money in settling cases,"Sitharaman said while moving the Direct Tax Vivaad Se VishwasBill, 2020 amid a din in Lok Sabha.
She said the government has taken measures to reducelitigation and a similar scheme was announced for indirecttax disputes.
Under the proposed scheme, taxpayers willing to settledisputes shall be allowed a complete waiver of interest andpenalty if they pay the entire amount of tax in dispute byMarch 31 this year, following which a 10 per cent additionaldisputed tax shall have to be paid over and above the taxliability.
Further, where arrears relate to disputed interest orpenalty only, then 25 per cent of disputed penalty orinterest shall have to be paid if the payment is made byMarch 31, beyond which the same shall be enhanced to 30 percent.
Also in search and seizure operations where the recoveryis up to Rs 5 crore, this scheme can be availed once the Billis passed by Parliament.
The scheme would remain open till June 30, 2020.
While the minister was speaking, opposition members werein the Well shouting slogans against the government andholding placards demanding resignation of Home Minister AmitShah over the communal violence in Delhi last week. JDKRRT RT