The move will help in speedy settlement of cases of multinational corporations which have opted for the alternative dispute resolution process
The scheme requires payments to be made before June 30, which appears difficult for most businesses facing cash crunch and near-term economic uncertainty due to the lockdown.
We need innovative solutions to address tax litigation
Total Rs 2 crore tax dues are still pending with five PSUs run by the state government, said Chief Commissioner of Income Tax (Goa)
Disputes relating to wealth, securities transactions, commodities transaction tax, and the equalisation levy are not covered under the scheme.
The liability would go up to 110 per cent (135 per cent in search cases) if the taxpayer pays between April 1-June 30
As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals
'Vivad se Vishwas' scheme for resolving income tax cases was announced during the 2020-21 Budget presentation by Finance Minister Nirmala Sitharaman
The scheme is well tailored to cover the period up to July 7, 2017
The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020
Waiver from interest and penalty if paid by March 31; estimated value of contested money over Rs 5 trillion
The Chief Justice said tax judiciary plays a very important role in resource mobilisation of the country and expressed concern over pendency of cases
India continues to be weighed down by its disputes
Feedback sought by weekend on how to compute fair market value of assets transferred in transactions outside India