In Today’s News:
- Vivad Se Vishwas Scheme
1. Vivad Se Vishwas Scheme
The government has extended the deadline for the payment under the Vivad Se Vishwas scheme by three months to 31st March 2021 from the earlier deadline of 31st December 2020.
Prelims GS – Economic Development
Vivad Se Vishwas Scheme:
- The ‘Vivad se Vishwas’ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation.
- It is a direct tax dispute resolution scheme.
- The objective of Vivad se Vishwas is to reduce pending income tax litigation, generate timely revenue for the Government and benefit taxpayers by providing them peace of mind, certainty, and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.
- The Union Minister for Finance & Corporate Affairs, Smt Nirmala Sitharaman during the presentation of this scheme in the Budget 2020 said, “Taxpayers in whose cases appeals are pending at any level can benefit from this scheme.”
Click here to view more about Vivad Se Vishwas FAQs on the official circular.
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