Now old tax disputes will be settled easily, finance minister can bring another income tax waiver scheme

Vivad Se Vishwas Scheme: The government believes that this scheme will reduce the burden of pending cases in different courts of the country. Apart from this, a revenue of 38 thousand crore rupees can also be obtained from this.

Vivad Se Vishwas Scheme

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Vivad Se Vishwas Scheme 2023:Union Finance Minister Smt. Sitharaman will present her last full budget on 1 February 2020. This time the government seems to be taking steps towards settling tax related disputes. The government had come up with a scheme earlier also for tax-related disputes. Finance Minister on 1 February 2020 union budget Presenting the Vivad se Vishwas scheme was started and now the government can get another chance to settle the old disputes related to tax. According to sources, the government is considering bringing part 2 of successful amnesty schemes like “Vivad Se Vishwas” and “Sabka Vishwas”. The discussion about this has started in full swing before the budget. It is believed that the government may announce to bring part 2 of the amnesty scheme in the budget to be presented this time.

Tax disputes will be settled in the budget

According to sources, there is every possibility of getting another chance to settle the old tax dispute. In order to settle the cases related to tax disputes in different courts and amnesty of the country, the government may announce an amnesty scheme in the budget to be presented this time. This time this scheme will be brought on disputes related to income tax. Along with this, the scheme can also be brought again for matters related to custom duty. After this, speculations are being made that part-2 of ‘Vivad Se Vishwas’ and ‘Sabka Vishwas’ are being considered.

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Penalty will be imposed only up to 20%

By the way, more penalty is imposed by the department on disputes related to income tax. But under this scheme only up to 20% penalty will be imposed in income tax cases. A similar scheme is being considered for custom duty cases also. To settle the matters related to this, the government is considering bringing back schemes like ‘Vivad Se Vishwas’ and ‘Sabka Vishwas’.

These will be the benefits of the scheme

  • Pending cases will be settled soon through self-declaration.
  • The Income Tax Department withdraws the case from the taxpayers.
  • The burden of tax matters on the Income Tax Department will reduce.
  • The incentive of the scheme will increase tax revenue.
  • Ease of doing business means ease of doing business will get a boost.

There will be a chance to increase the revenue collection

Explain that after self-income declaration, such cases are removed by the Income Tax Department after collecting the penalty prescribed in the scheme. The government believes that a revenue of Rs 38 thousand crore can also be collected from this. Before this, when the government had implemented such a scheme, then the government got a revenue of 92 thousand crore rupees. Thus overall, the amnesty scheme will provide a big opportunity to increase Ease of Doing Business and revenue collection.

Know what is Vivad Se Vishwas Scheme 2023?

All those tax paying businessmen who are being harassed by any forum due to tax related disputes like tax or due to non-payment of tax, they are going round the courts in any kind of case. To avoid all these controversies, the government has started Vivad Se Vishwas Scheme. Under which you can pay your remaining tax without any penalty. In which you can apply till 31 March 2021.

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Through this dispute trust scheme 2023, those people who have not paid income tax or have not been able to pay for any reason, all of them have been given time again, which is fixed, along with this scheme, all those businessmen have been given additional tax. No other fine will have to be paid. To take advantage of this scheme, you can take an application from the Income Tax Department. Through this, the identity of any taxpayer will not be revealed.