A Guide to Availing the Benefits of Vivad Se Vishwas Scheme: What You Need to Know

A Guide to Availing the Benefits of Vivad Se Vishwas Scheme: What You Need to Know

The Vivad Se Vishwas Scheme is an initiative of the Indian government to help taxpayers resolve their outstanding tax disputes. The scheme offers a unique opportunity to taxpayers to settle their tax disputes with great ease and at a much lower cost than what is usually involved in protracted legal proceedings. The scheme has been designed to benefit taxpayers by providing them with a waiver of penalty, interest and prosecution. It is also beneficial for the Government as it helps them to reduce their pending litigations and improve the tax collection. With this guide, you can learn about the various benefits of the Vivad Se Vishwas Scheme and what you need to do to avail them.

 

Overview of the Vivad Se Vishwas Scheme

The Vivad Se Vishwas Scheme is an initiative of the Indian government to help taxpayers resolve their outstanding tax disputes. The scheme offers a unique opportunity to taxpayers to settle their tax disputes with great ease and at a much lower cost than what is usually involved in protracted legal proceedings. The scheme has been designed to benefit taxpayers by providing them with a waiver of penalty, interest and prosecution. It is also beneficial for the Government as it helps them to reduce their pending litigations and improve the tax collection. The Vivad Se Vishwas Scheme is a type of settlement offer which allows taxpayers to settle their disputes by paying a certain amount in addition to the tax due. The scheme is designed to benefit taxpayers by providing them with a waiver of penalty, interest, and prosecution. It is also beneficial for the Government as it helps them to reduce their pending litigations and improve the tax collection.

 

Benefits of availing the Vivad Se Vishwas Scheme

– Taxpayers can avail a waiver of penalty, interest, and prosecution after availing the Vivad Se Vishwas Scheme. – The Government will not pursue criminal proceedings against taxpayers who have failed to pay taxes over the years. – There will be no penalty for late filing or payment of taxes. – Taxpayers will also be allowed to file their income tax returns without mentioning the pending dispute. – The scheme will help taxpayers to resolve their pending tax disputes with great ease and at a much lower cost than what is usually involved in protracted legal proceedings. – This is a one-time opportunity only available to taxpayers who are currently fighting their tax disputes in the court of law.

 

Eligibility Criteria for availing the Vivad Se Vishwas Scheme

There are a few conditions that must be met by taxpayers to avail the Vivad Se Vishwas Scheme. These include: – Taxpayers must currently be involved in tax litigation with the Income Tax Department. – The dispute must be related to a tax assessment made by the Income Tax Department. – The dispute must have been initiated by the taxpayer.

 

How to use the Vivad Se Vishwas Scheme calculator

To know how much you need to pay to avail the Vivad Se Vishwas Scheme, you can use the calculator available on the official website of the Income Tax Department. The calculator will help you arrive at the total demand amount after taking into account the applicable taxes and penalties. You can make the payment online by following a few simple steps: – Visit the Income Tax Department’s official website – incometaxindia.gov.in. – Click on the “Pay via Easy ways” link available at the top of the homepage. – Choose the “Vivad se Vishwas” option listed under the “Other” section. – Enter the amount due, select the due date, and click on “Submit”.

 

How to make a Vivad Se Vishwas payment

You can make the payment by visiting any of the nearest bank branches or post offices. You can also make the payment through the internet banking facility offered by your bank or through the ATM. You can also make the payment through the digital payment channel offered by the Government. You can make the payment in any of the following three ways: – NEFT: To make the payment using NEFT, you must have an account with any of the banks listed under the “Participating banks” section on the Vivad Se Vishwas scheme payment portal. – IMPS: To make the payment using IMPS, you must have an account with any of the banks listed under the “Participating banks” section on the Vivad Se Vishwas scheme payment portal. – Cash: To make the payment using cash, you must visit any of the nearby bank branches or post offices.

 

Documentation requirements for availing the Vivad Se Vishwas Scheme

To make the payment through NEFT/IMPS/Cash, you must attach the following documents: – Identity proof (any one of the following): Passport, PAN card, Driving license, Voter ID, Government ID card, Bank passbook, Credit card. – Address proof (any one of the following): Passport, Driving license, Voter ID, Government ID card, Bank passbook, Credit card, Address proof issued by the Government.

 

Deadlines for availing the Vivad Se Vishwas Scheme

The time period for receiving payment under the Vivad Se Vishwas Scheme is September 1, 2019 to December 31, 2019. Therefore, taxpayers can make the payment from September 1, 2019 to December 31, 2019 and avail the benefits of the scheme.

 

How to file a Vivad Se Vishwas declaration

Once you have made the payment using NEFT/IMPS/Cash, you need to file a declaration on the Income Tax Department’s official website. The declaration is an online form that you need to fill up to inform the Income Tax Department that you have availed the Vivad Se Vishwas Scheme. You can file the declaration by following these steps: – Visit the Income Tax Department’s official website – incometaxindia.gov.in. – Click on the “Easy ways to pay” link available at the top of the homepage. – Click on “Vivad se Vishwas” to begin the declaration process. – Enter your PAN card number, Aadhaar card number, and click on “Submit”.

 

What happens after filing the Vivad Se Vishwas declaration

Once you have submitted the declaration, the Income Tax Department will review it. If the declaration is accepted, the Department will issue an acknowledgement. If the declaration is rejected, you can appeal against the decision. You have to appeal within 30 days of receiving the notice. During the appeal process, the disputed amount must be kept in interest-free deposit with the Income Tax Department. Additionally, taxpayers should also keep in mind that after the submission of the declaration, they will not be able to approach the court against the Income Tax Department.

 

FAQs about the Vivad Se Vishwas Scheme

There are a few frequently asked questions that taxpayers often wonder about. Let’s take a look at some of them: Question: Can I avail the Vivad Se Vishwas Scheme even if I have a pending appeal with the court or my appeal has been rejected by the court? Answer: Yes, you can make the payment under the Vivad Se Vishwas Scheme even if you have a pending appeal with the court or your appeal has been rejected by the court. Question: How will the Government know that I have filed the declaration under the Vivad Se Vishwas Scheme? Answer: The Government will know about the declaration as soon as you make the payment under the scheme.

 

Conclusion

The Vivad Se Vishwas Scheme is a one-time opportunity only available to taxpayers who are currently fighting their tax disputes in the court of law. The scheme offers a unique opportunity to taxpayers to resolve their tax disputes with great ease and at a much lower cost than what is usually involved in protracted legal proceedings. This is a unique opportunity for taxpayers to resolve their tax disputes with great ease and at a much lower cost than what is usually involved in protracted legal proceedings.

 

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