CBDT issued FAQs on provisions of Vivad se Vishwas Scheme

If a tax payer availing the income tax dispute settlement scheme- Vivad se Vishwas - has already paid the disputed tax while litigation is on-going then he/she can get a refund of the amount paid which is in excess of the tax payable under the scheme. This was among the 55 clarifications issued by the income tax department on the scheme which was introduced in Budget 2020.

The 'Vivad se Vishwas' Scheme aims at dispute resolution in respect of pending income tax litigation in order to reduce pending litigation, generate revenue for the Government and benefit taxpayers. Subsequently, based on the representations received from the stakeholders amendments to the scheme have been proposed to widen its scope and reduce the compliance burden on taxpayers.

After introduction of Vivad se Vishwas in Lok Sabha, several queries have been received from the stakeholders seeking clarifications in respect of various provisions contained therein, says the income tax circular containing the FAQs issued on the scheme. Government has considered these queries and decided to clarify the same in form of answers to frequently asked questions (FAQs), the circular adds. #casansaar (Source - Economic Times, Income Tax India Websites)

CLICK ON THE LINK FOR CIRCULAR