-
ALSO READ
Taxpayers' charter: Expect more fairness
Income tax exemptions to lower tax assessee for certain allowances
PM Modi announces charter for 'fair, courteous' tax collection
Rights & responsibilities of citizens in new taxpayers' charter: Full text
Income Tax dept adds new features in 26AS Form to help taxpayers
-
The government has collected Rs 72,480 crore so far under its flagship, Vivad se Vishwas direct tax resolution scheme, with over a month to go for the deadline.
A total of 45,855 declarations have been filed under Form 1 as on November 17 and declarations amount to Rs 31,734 crore.
In case of CPSUs, the total amount being settled under the scheme is Rs 1,00,195 crore.
"So far, tax of Rs 72,480 Crore has been paid by the CPSUs and taxpayers against the disputed demand under the scheme till date," said a government official.
The government amended the Finance Act in September to extend the payment date under the Direct Tax Vivad se Vishwas Act, 2020 without additional amount to December 31, 2020.
ALSO READ: US regulator rescinds ban, clears runway for Boeing Max 737's return
Vivad se Vishwas Scheme was announced in the Budget presented on February 1 and allows waiver of interest, penalty, and prosecution for settling tax disputes due up to January 31, 2020.
"A proactive approach has been adopted for implementation of the Scheme by regular monitoring of issue of Form 3 to taxpayers who have filed declarations, completing any pending rectifications/ giving appeal effects for finalisation of demand, launching an e-campaign to inform taxpayers about the scheme, guiding and facilitating them in filing of declarations and removing any difficulties or problems faced by them in availing the Scheme," said an official.
There are more than 400,000 such cases which are eligible to avail of the scheme, and they involve at least Rs 9.3 trillion.
The scheme provides for the settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100% of the disputed tax and 25% 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.
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU