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I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme

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Sources, however, say that foreign firms may not be enthusiastic to opt for the scheme as their cases are mostly on legal grounds which they expect to win in the higher courts.. Illustration by Binay Sinha

Shrimi Choudhary New Delhi

3 min read Last Updated : Mar 05 2020 | 2:02 AM IST

The income tax (I-T) department has so far approached 5,627 entities to avail of the Vivad se Vishwas, or direct tax dispute settlement, scheme. Those approached include large taxpayers, mostly foreign banks, which have disputes relating to international taxes.

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme, according to a preliminary report prepared by the I-T department.

The report had been discussed in a meeting held on February 28, called by the oversight committee, (an internal panel formed to supervise the Vivad se Vishwas scheme).

The

Topics : Income tax I-T Department Supreme Court taxpayers tax department Income Tax Appellate Tribunal information technology