Question: Consider the following statements:
(1) The Vivad se Vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020.
(2)Under this scheme ‘taxpayers whose tax demands are locked in dispute in multiple forums, can pay due to taxes by March 31, 2020, and get a complete waiver of interest and penalty.
(a) Only (1)
(b) Only (2)
(c) Both (1) and (2)
(d) None of the above
Answer: (c)
Related facts:
- The Vivad se Vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020.
- Under this scheme, taxpayers whose tax demands are locked in dispute in multiple forums, can pay due to taxes by March 31, 2020, and get a complete waiver of interest and penalty.
- If a taxpayer is not able to pay within the deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax.
- The Vivad se Vishwas scheme is similar to the ‘Indirect Tax, Sabka Vishwas’ scheme, which was introduced by Finance Minister during her maiden budget presentation in July 2019.
- The “Sabka Vishwas” legacy dispute resolution scheme was aimed at reducing disputes related to excise and service tax payments.
Links:
https://www.taxscan.in/vivad-se-vishwas-scheme-you-need-know/47561/
https://www.financialexpress.com/economy/vivad-se-vishwas-relief-for-taxpayers-no-interest-or-penalty-till-march-end-read-details/1857946/
In Vivad se vishvas scheme if i paid full 100% tax demanded by Income Tax department after order of CIT(A) but i filed appeal in ITAT now i want to go in “Vivad Se Vishvas Scheme” than can i gate Interest and Penalty amount which is already paid