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Saturday, November 28, 2020

Rs 72,480 crore collected till November 17 under Vivad se Vishwas

Of the total disputed amount of Rs 1.32 lakh crore covered by declarations under the scheme so far, the share of CPSUs is pegged to be 76 per cent.

By: ENS Economic Bureau | New Delhi | Updated: November 19, 2020 10:37:41 am
The government had last month extended the payment deadline for the scheme by three months till March 31, 2021 in view of Covid-19, keeping the deadline for making declarations under the scheme at December 31.

The tax department has garnered Rs 72,480 crore so far under the direct tax dispute resolution scheme Vivad se Vishwas, Finance Ministry sources said. Of the total disputed amount of Rs 1.32 lakh crore covered by declarations under the scheme so far, the share of CPSUs is pegged to be 76 per cent.

Till November 17, 45,855 declarations have been filed by taxpayers under the scheme, involving disputed tax demand of Rs 31,734 crore, while disputed amount of CPSUs being settled under the scheme is Rs 1,00,195 crore, sources said.

The government had last month extended the payment deadline for the scheme by three months till March 31, 2021 in view of Covid-19, keeping the deadline for making declarations under the scheme at December 31.

The scheme, enacted in March this year, provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.

The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.

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