So far, around 1.20 lakh units have settled their cases with the Income Tax Department under the dispute-to-trust scheme (vivad se vishwas scheme). These cases are worth 95 thousand crore rupees.
Information given in interview
In the last budget speech, the finance minister had announced to bring the trust scheme out of the controversy. The CBDT chief said in an interview given to PTI-Bhasha after the budget, “So far this plan has been a grand success. As of 31 January, around 1.20 lakh forms have been filed. This means that 22-23 percent tax disputes were settled under this scheme. These cases are worth 95 thousand crore rupees.
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He said that this scheme has given a platform to resolve disputes to various types of taxpayers including corporate, non-corporate, state governments, public sector undertakings. He said that after receiving requests from various institutions for extending the deadline, the last date for filing declarations under this scheme has also been extended by one month from 31 January to 28 February.
PC Modi said, “The government’s policy has been to increase the monetary limit to appeal, besides reducing tax litigation.” This has led to a big reduction in litigation. ”He said about the budget that contrary to popular expectation, no change has been made in the income tax slab. This budget focuses on providing fair and transparent tax services to the citizens.
He said, “There is no doubt that there is always some kind of discount or deduction or reduction in some rates from the budget of the people, but you will also remember that in the context of reducing tax rates last year A big drill was done in After that we were hit by the epidemic and then hardly got the opportunity to consider the tax rate reduction. So this time it was thought that we should provide a more efficient and effective tax system to the taxpayers.
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What happens from conflict to trust scheme
The scheme started on 17 March 2020. With the controversy, the trust scheme has been started by the central government. This is the plan of the Ministry of Finance. The main objective of this scheme is to rid the people of the tax dispute. People should not fall in the mess of court, and take advantage of this scheme and settle the tax related dispute. More than 4 lakh cases related to direct tax in the country are pending in court. This scheme is effective to deal with it. In this, taxpayers only have to pay the disputed tax amount. Discounts are given on interest and penalty from the government.