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News INCOME TAX

  • Mar 16, 2020
  • Tax officials ready with rules, forms to implement Vivad Se Vishwas scheme

    Tax officials are ready with necessary rules and forms under the Vivad Se Vishwas Scheme to settle direct tax disputes, and will issue them soon after the law gets presidential assent, two officials told ET.

    The Central Board of Direct Taxes has also directed its officers to be prepared with tax calculations for taxpayers to ensure speedy execution of the scheme, given the tight deadline of March 31, they said. It is also ready with the online system that will be used by taxpayers to avail the scheme.

    Parliament had on Friday approved the Direct Tax Vivad se Vishwas Bill, 2020, which would give taxpayers an opportunity to settle their disputes by paying due taxes with complete waiver of interest and penalty until March 31. It would also allow dispute settlement with some additional payment till July 31.

    “The forms and rules are ready,” a senior official told ET on condition of anonymity. “Once the bill is enacted, we will be able to issue them. Even the utility is also ready from the system side, so online declarations can be filed immediately after the bill is enacted.”