Income tax has forever been that “hot potato” of a topic that everyone wants to get away from but cannot really. It catches up sooner or later. And especially when your hard-earned money is on the line, you have to hold the hot potato-like your dear life depends on it.
To settle various such income tax disputes, the government initiated the Vivad se Vishwas scheme.
What are the objectives of the Vivad se Vishwas Scheme?
Though the Vivad se Vishwas scheme aims to cover larger ground, here are some of their most specific objectives to be met:
- To reduce the income tax pending litigation across the nation
- To generate timely and systematic revenue for the government
- To help taxpayers resolve tax disputes with the income tax department through the means of waivers from having to pay interest and penalty.
- To also grant immunity to taxpayers from prosecution
What are the key features of the Vivad se Vishwas scheme?
- Key dates: The Vivad se Vishwas scheme provides the date of opening and closing and even notifies of payment dues
- Eligibility: the scheme primarily encompasses every taxpayer there is and aims to resolve their queries
- Offers consequences: The Vivad se Vishwas scheme offers benefits and immunity under the Bill
- It also covers disputes where the payments have already been processed so that the taxpayer does not, in any way, feel cheated
- Another feature of the scheme is that the disputed tax will also include the tax on enhancement notice.
If you are a righteous citizen of the nation, paying taxes on time, this scheme is there to protect your money at all times.