'Vivad se Vishwas' scheme: CBDT to review pendency of appeals.
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The officials said a video conference-based interaction will be undertaken by the CBDT member in-charge with all regional chiefs of the department in the country.
The agenda, they said, is to review data on pendency of high courts and Income Tax Appellate Tribunals (ITATs) appeals for the 'Vivad se Vishwas' (from dispute to trust) scheme.
Finance Minister Nirmala Sitharaman had proposed this direct tax dispute resolution scheme, which provides opportunity to taxpayers to pay outstanding taxes and get waiver of interest and penalty, in her Union Budget speech on February 1.
The scheme aims to settle and see a finalisation of 4.83 lakh direct tax cases, with revenue worth Rs 9.32 lakh crore locked up in them, pending at various appellate forums such as the Commissioner (Appeals), ITAT, high courts and the Supreme Court.
Under the proposed scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year, following which a 10 per cent additional disputed tax shall have to be paid over and above the tax liability.
Further, where the tax arrears relate to disputed interest or penalty only, then 25 per cent of disputed penalty or interest shall have to be paid only, if the payment is made by March 31 beyond which the same shall be enhanced to 30 per cent.The scheme would remain open till June 30 this year.#casansaar (Source-PTI, Economicstimes).
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