Justice Arijit Pasayat, vice-chair of the SIT on black money, availed himself of the VSV scheme for resolution of direct tax disputes after the Cuttack I-T department found that he had "misrepresented his income to the extent of Rs 1.06 crore" in 2017-18, Indian Express reports.
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Govt Extends Deadline For Filing Declarations Under VsV Scheme Till Mar 31, Payment Till Apr 30
The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.
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The Income Tax Department on Friday extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30. CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021. Date for payment without additional amount under VsV extended to 30th April, 2021, the I-T department tweeted.
The Centre s ambitious tax dispute resolution scheme Vivad Se Vishwas has settled almost a quarter of the over 5.10 lakh tax disputes, with about Rs 97,000 crore worth disputed tax being resolved so far under it. As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora, according to sources in the Department of Revenue (DoR). The response to VsV Scheme has been very encouraging and so far involves the tax dispute settlement amount to the tune of more than Rs 97,000 crore, sources added.
About a quarter of direct tax litigations getting resolved via Vivad Se Vishwas
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Last Updated: Feb 06, 2021, 04:14 PM IST
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As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora, according to sources in the Department of Revenue (DoR).
Agencies
The taxpayer is granted Immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.
The Centre s ambitious tax dispute resolution scheme Vivad Se Vishwas has settled almost a quarter of the over 5.10 lakh tax disputes, with about Rs 97,000 crore worth disputed tax being resolved so far under it.
Vivaad Se Vishwas scheme more successful than previous govt initiatives: Source
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So far 125,144 cases have opted for the scheme which is 24.5% of the entire long pending 510,491 cases that were in various tax disputes at different legal fora.
Agencies
The Vivad se Vishwas direct tax dispute resolution scheme has received overwhelming response - settlement amount of over Rs 97000 crore - in contrast to similar earlier schemes brought in 1998 and in 2016, a source in the department of revenue said.
So far 125,144 cases have opted for the scheme which is 24.5% of the entire long pending 510,491 cases that were in various tax disputes at different legal fora.