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Tax amnesty scheme notified

After March 31, an additional 10% of disputed tax will have to be paid over and above the tax liability
Under the proposed scheme, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year.
Under the proposed scheme, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year.
(Shutterstock)

PTI   |   New Delhi   |   Published 19.03.20, 06:38 PM

The government has notified the rules and online forms to be filled by taxpayers for opting for the direct tax dispute resolution scheme ‘Vivad Se Vishwas’.

Under the proposed scheme, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year.

After March 31, an additional 10 per cent of disputed tax will have to be paid over and above the tax liability.

However, disputes related to wealth tax, commodity transaction tax, securities transaction tax and equalisation levy are not covered.

The scheme would remain open till June 30.

The revenue department notified five forms for various steps under the scheme, which are required to be filled online.

The eligible assessees are required to submit their declaration in Form 1 to the designated authority, which is a very detailed form covering different scenarios.

Further, an undertaking waiving the right to seek or pursue any remedy or any claim in relation to tax arrears under any law shall have to be furnished by the declarant in Form 2. The declaration form (Form 1) seeks detailed information relating to the nature of tax arrears, assessment year, details of order and amount of tax arrears already paid.

Further, the form provides the manner of computation of ‘tax payable’ under the scheme in different scenarios.  



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