The Direct Tax Vivad Se Vishwaas Act 2020, has been enacted on 17.3.2020. The Vivad se Vishwas income-tax dispute resolution scheme is gaining popularity and momentum day by day and the question of whether to go for settlement of income-tax disputes under this scheme, is a critical and tricky decision to be made.
In this income-taxdispute resolution scheme, the taxpayers in whose cases, appeals are pending at any appellate level on 31.1.2020, or the time period for filing their appeals has not expired on 31.1.2020, can take the benefit from this scheme. Under the scheme, taxpayers would be required to pay only the amount of the disputed taxes and there will be complete waiver of interest and penalty provided they make payment by 31stDecember, 2020. For disputed penalty, interest and fee not connected with the disputed tax, the taxpayer would be required to pay only 25% of the same for settling the dispute. A tax payer would be required to pay 110% of the disputed tax and 30% of penalty, interest and fee in case payment is being made after 31stDecember, 2020.
The Application in the prescribed form, for settlement of income-tax disputes under this Vivad se Vishwas scheme, i.e. Form 1, is required to be filed electronically in the e-filing portal of the Income-tax department. The e-filing of this declaration Form 1, involves a thorough knowledge and understanding of all the legislative provisions, practicalities and nuances of the Direct Tax Vivad se Vishwas Act 2020 relating to the scope, coverage, eligibility, computation of disputed tax, disputed interest, disputed penalty, disputed fees under the scheme.
TaxAaram, on receiving the necessary e-mandate/authorization from its valued registered users, will render its seamless and hassle-free e-services in relation to the e-filing of application/declaration Form 1, in the registered e-filing account of the user, and will help and support its registered users in taking a pragmatic, wise, well-informed and timely decision and action on the settlement of their income-tax disputes under the Vivad se Vishwas Scheme 2020, in the most professional and cost-effective manner.
The e-application in Form 1 prepared and brainstormed by ‘TaxAaram’ will be available to be viewed and approved by the registered users electronically before being uploaded in the e-Proceedings utility in the e-filing portal of the Income-tax department.
The valued registered users of TaxAaram, will get such e-services, in the most professional and cost-effective manner, within the comforts of their homes, without even the requirement of visiting the Income-tax department or tax consultant’s office.
This revolutionary and path-breaking e-service in relation to Vivad se Vishwas Scheme 2020, is taxpayer friendly and cost-effective as besides saving precious time of the registered users, it will also provide them with a 24X7 anytime/ anywhere access to the ‘e-application’ documents and information filed electronically with the income-tax department by TaxAaram, on behalf of its registered users.