THE Income-Tax Department along with Advocate Kapil Hirani recently conducted a webinar on ‘Vivaad Se Vishwas’ scheme. The same was presided over by Commissioner of Income-Tax-I Rajesh Ranjan Prasad along with Upsen Borkar, Joint Commissioner of Income-Tax and Advocate Kapil Hirani. The webinar enlightened on the various benefits of VSV scheme which can be availed by assessees whose income tax appeals are pending before various forums, informs a press release issued here.
The ‘Vivaad Se Vishwas’ scheme is aimed to bring end to the prolonged tax litigations and is a step forward by the Income-Tax Department. Under the scheme, in case of dispute involving tax, the assessee only has to pay the disputed tax after which the interest, penalty and prosecution are waived. If the dispute pertains to interest and penalty, the assessee has to pay only 25 per cent of the disputed interest or penalty. The speakers urged everyone to take benefit of the ‘Vivaad Se Vishwas’ scheme introduced by the Government which is valid upto December 31.