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News INCOME TAX

  • Feb 08, 2021
  • Vivad se Vishwas attracts a quarter of all disputed cases

    A quarter of all direct case disputes have opted for resolution under the Vivad se Vishwas scheme which involves Rs 97,000 crore in tax demands, sources in the department of revenue said on Friday. They added that the scheme is an overwhelming success compared with similar offers launched in 1998 and 2016.

    Although the quantum of the final revenue proceeds to the government is not clear, the Centre will not receive the entire amount as the scheme offered attractive discounts. Besides, a part of tax demands is required to be deposited with the government when an assessee challenges the verdict in higher appellate forum and this amount would already have been accounted for in various years in the past.