“Total 1,32,353 declarations have been received under the scheme, entailing disputed tax amounting to Rs 99,765 crore. These declarations relate to 1,46,701 pending disputes (including cross appeals),” Chaudhary said.
The government has resolved a significant number of pending direct tax disputes amicably with the taxpayers under Vivad se Vishwas scheme, he added.
The last date for making declaration under the scheme was March 31, 2021. However, the last date for making payments under the scheme has been extended till August 31. Taxpayers also have the option to make payments till October 31, with an additional amount of interest.
The scheme provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.
The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income Tax Act in respect of matters covered in the declaration.
The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 to settle direct tax disputes locked up in various appellate forums.