‘Vivad Se Vishwas scheme is for convenience of taxpayers’
   Date :24-Nov-2020

Vivad Se Vishwas_1 &
 
 
Business Bureau :
 
PRINCIPAL Commissioner of Income Tax, Nagpur - Rajesh Ranjan Prasad, while addressing the participants of the webinar organised by the Vidarbha Industries Association (V IA) recently said that “Vivad Se Vishwas Scheme” is for the benefit and convenience of the taxpayers as they would get instant disposal of the dispute with no further cost of litigation besides monetary benefits in the form of waiver of penalty, interest and prosecution. He was the chief guest of the session and Birendra Kumar, Deputy Commissioner of Income Tax – Range-1, Nagpur and Rajesh Loya, Chartered Accountant, were other speakers. Initiating the session, Rajesh Ranjan Prasad appraised the progress made by the Income Tax Department on Vivad se Vishwas scheme and said that it was decided to adopt a proactive approach for implementation of the scheme by approaching taxpayers directly, guiding and facilitating them in filing of declarations and removing any difficulties or problems faced by them in availing the scheme.
 
CA Rajesh Loya said in order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government further extended the date for making payment without additional amount from December 31, 2020 to March 31, 2021. He said as per a Central Board of Direct Taxes (CBDT) notification, declaration under theVivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of the said declarations made, the payment without additional amount can now be made up to March 31, 2021. DTVSV Scheme was announced in Budget 2020 as “No Dispute but Trust Scheme - Vivad seVishwas Scheme” to settle pending disputes relating to direct taxes. It is an attempt to release blocked in approximately 483000 appeals pending at various appellate forums. He further elaborated on the eligibility criteria, the Appeals, Writ Petition, SLP and Arbitration filed by Tax Payer or the department before January 31, 2020 or Appellable Orders i.e.
 
Orders for which time limit for filing appeal has not expired on January 31, 2020. Cases pending before Dispute Resolution Panel (DRP) or the cases where DRP has issued direction on or before January 31, 2020 but order has not yet been passed. Cases where assesse has filed revision application u/s 264 on or before January 31, 2020. Dispute where payment has already been made shall also be eligible. Expressing his views, Birendra Kumar informed the participants about the features and certain terms whereby the taxpayer can enter into a scheme where there is disputed tax / TDS / TCS. “In case, there is no disputed tax taxpayer can opt for the scheme for pending appeals relating to disputed penalty, interest and fees. Disputed tax also includes tax on enhancement notice issued by Commissioner Appeals. Where pending dispute relates to reduction of Loss, Depreciation and MAT Credit, the taxpayer has option - pay tax on reduced amount,” he said. Birendra Kumar further said that refund process, if excess payment is made before filing the declaration, refund shall be issued without interest.
 
If tax is paid after availing benefit of scheme and later tax payer decides to take refund of tax, refund will not be granted, he added. Earlier Suresh Rathi, President ofVIA welcomed guest speakers. CA Ashok Chandak, Chairman - VIA Taxation & Corporate Law Forum, in his welcome address termed the scheme ‘very convenient.’ CA Naresh Jakhotia, Treasurer – VIA, conducted the proceedings and briefed about holding the session on zoom. CA Sachin Jajodia, Convener ofVIATaxation & Corporate Law Forum summed up and proposed the formal vote of thanks.