InvestorQ : Is it true that the government has further diluted and simplified the “Vivaadh se Vishwaas” scheme for tax outstanding?
manisha Kolvenkar made post

Is it true that the government has further diluted and simplified the “Vivaadh se Vishwaas” scheme for tax outstanding?

Answer
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Mahima Roy answered.
7 months ago


Yes that is correct, the CBDT has further made the scheme even more lenient when it comes to cases where the IT department has filed an appeal already. Here is what it entails. If the disputed tax is being paid before March 31, 2020 then the taxpayer has to only pay 50% of tax amount in regular cases and just 62.5% of tax amount without penalty and interest in case of search cases. After March 31, these amounts will go up in both the cases by just 5% to 55% and 67.5% respectively. It must be kept in mind that there are 4.8 lakh cases adding up to disputed taxes to the tune of Rs.932,000 crore, which is a lot of money stuck up. This scheme will help to loosen this tied up cash.