- February 27, 2021, 11:12 AM IST
1,25144 cases disposed of so far
The deadline for making declarations under this scheme was 28 February while the deadline for payment of disputed tax amount was 31 March. The units have so far opted out of the dispute-to-trust scheme for the disposal of 1,25,144 cases. This is 24.5 percent of the 5,10,491 cases pending in various legal forums. This scheme has been selected in cases of disputed tax worth about 97,000 crore rupees.
CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021.Notification no. 09/2021 in SO 964 (E) dated 26/02/2021 issued.Date for payment without additional amount under VSV extended to 30th April, 2021. pic.twitter.com/vRY0eNY4Bx
– Income Tax India (@IncomeTaxIndia) February 26, 2021
Option to dispose of disputed charges
Dispute-to-trust scheme provides an option for settlement of disputed tax, disputed interest, disputed penalty or disputed fee in the context of assessment. Under this, pending cases can be settled by paying 100 percent of the disputed tax and 25 percent of the disputed penalty or interest or fee.
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What is the dispute with 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.