Vivad Se Vishwas Scheme:- To resolve the problem related to dispute taxes while presenting the union budget, the union finance minister Respected Nirmala Sitharaman has launched a new scheme known as Vivad Se Vishwas Scheme. Under this scheme, the disputed tax cases related to a direct tax of taxpayers will be resolved. In this article today we will share with you all the important information related to SVLDRS Scheme 2023 such as objectives, benefits, and SVLDRS Payment end time limit. Also, we will share with you all the application procedures to apply under the Sabka Vishwas Scheme.
Table of Contents
About SVLDRS Scheme
A new scheme has been launched by Finance Minister Nirmala Sitharaman to solve all the tax cases pending in any forum. Under the SVLDRS Scheme, the process has been made easier after making the income tax return process faceless. The main aim of launching this scheme is to not reveal the identity of the taxpayer. Along with that people who are involved in this scheme will get freedom from the penalty. Under Sabka Vishwas Scheme, the problem of the taxpayer will be reduced related to dispute cases without paying any extra charges.
- Under SVLDRS Scheme They will also be freed from the punishment on depositing the prescribed text and they will also get a refund if the amount has already been paid.
- All the interested applicants who want to apply under this Vivad Se Vishwas Scheme will have to pay the tax from time to time
SVLDRS Scheme Details
The details of this scheme are as follows:-
|Name of the scheme||SVLDRS Scheme 2023|
|Launched by||Finance Minister Nirmala Sitharaman|
|Launched on||1st February 2020|
|Objective||To resolve the dispute tax cases|
|Benefits||Taxpayers don’t need to do the extra payment for resolving the cases|
|Payment date||30th June 2021|
|Last date||31st December 2021|
|Mode of Application||Online|
|Official Website||Not yet launched|
SVLDRS Scheme Objective
As we all know there are many taxpayers who due to some reasons are not able to pay the tax on time. And due to this, they have to face the process of litigation which creates a torturous problem for them. By keeping this in mind the union Finance Minister Nirmala Sitharaman has come up with the new scheme known as SVLDRS Scheme. Under this scheme, the dispute cases related to delayed cases will be resolved without paying any extra charges.
- The main objective of launching this scheme is to resolve the dispute cases.
- Under this Sabka Vishwas Scheme, the taxpayer will only have to pay the amount of dispute taxes and interest on tax.
- The other main objective of launching Vivad Se Vishwas Scheme is to provide relief from the torturous process of litigation to the taxpayer.
Vivad Se Vishwas Yojana
The problem of dispute cases has been increased to a very large extent and to resolve the SVLDRS Scheme has been launched by the Union Finance Minister will provide relief from the dispute tax cases. Under Vivad Se Vishwas Yojana, the taxpayer doesn’t have to pay any extra charges while resolving the old cases of tax. This scheme will help in removing the torturous problem of litigation from the shoulders of taxpayers.
- Under this Sabka Vishwas Scheme, The disputed cases of the taxpayer will be dealt with.
- The direct taxpayers only have to pay the number of dispute cases.
- They don’t need to pay any extra interest or penalty on this.
- Vivad Se Vishwas Yojana only benefits those people whose case is pending in any forum regarding tax.
SVLDRS Scheme Last Date
As we all know, the SVLDRS Scheme has been launched by the government to resolve dispute cases related to income tax. And if you want to avail of the benefit under Sabka Vishwas Scheme then you have to apply before 31st December 2021. Previously the last date to apply under this scheme was March 2021 but the deadline of this scheme has been extended due to the lockdown situation.
- The last date to apply under SVLDRS Scheme will be 31st December 2021
- Now the traders of the dispute related to the tax payable amount are also included under this scheme.
- Along with them, appeals tribunals pending Court cases, etc are included under Vivad Se Vishwas Yojana.
- The last date to submit the amount of tax has been set as 31st December 2021.
Provisions Under Vivad Se Vishwas Yojana
Under Vivad Se Vishwas Yojana, the provisions such as disputed tax disputed interest disputed penalty, or disputed fees are provided to the text years. Under this scheme, the pending cases will be settled by paying a hundred percent of the disputed texts and 25% of penalty or interest. The main aim of the SVLDRS Scheme is to provide the opportunity for the disposal of pending cases in various courts.
- The announcement of this scheme has been made by finance minister Nirmala Sivaraman while presenting the budget.
- Around 9 lakh crore rupees have been distributed in the text dispute at the beginning of the year 2020.
- Previously these cases were going on in different tribunals and courts.
About SVLDRS Payment
The people who are involved in the dispute cases can get freedom from the penalty and the punishment on depositing the prescribed tax under SVLDRS Scheme. Also, they will get a refund of the payment if they already had deposited the tax. Tax advisor Shri Santosh Gupta has also informed that the SVLDRS Payment of prescribed tax will be interest penalty and punishment free. The people can avail of the benefit under Vivad Se Vishwas Yojana if the demand for the dispute income tax is less than Rs. 5 crores
- If the court has given the sentence then the taxpayer cannot avail the benefit under Sabka Vishwas Scheme.
- This certificate will be provided to the beneficiaries by the Income-tax Department on the completion of all the conditions and prescribed amount.
Declaration Of Dispute Permitted Under SVLDRS Scheme
The income tax department has given permission to amend the declaration under SVLDRS Scheme. The amendment will be done as long as the authority is under arrears and the certificate will be issued bill full details of tax payment. Also, the Central Board of Direct taxes has released a new list of sequential questions for the poor. Out of these questions, many answers have been provided. Also, it has been pointed out by CBDT that Vivad Se Vishwas Yojana cannot be availed while the proceedings are pending before the income tax settlement Commission or petition against the order.
- If the taxpayer is not satisfied with the decision and has not accepted it, then the dispute and appeared under SVLDRS Scheme
- It is also stated that the taxpayer in the same cases in which the advance ruling authority has ruled in the interest of the taxpayer has filed an appeal in the High Court or Supreme Court which has to be done in front of AAR
Time Limit Of Benefit Under SVLDRS Scheme
Under the SVLDRS Scheme, the taxpayer will have to pay their taxes by 31st March 2021. If the taxpayer pays the tax after this dispute then they will have to pay some additional amount. The scheme will continue till June 30, 2020. Therefore all the income taxpayers can avail the benefit of Vivad Se Vishwas Yojana till 30th June 2021.
- The finance minister said that 4,83,000 cases related to tax are pending in various appellate forums i.e Commissioner (Appeals) ITAT, High Court, and Supreme Court.
Process To Apply Under SVLDRS Scheme
All the interested taxpayers who want to avail of the benefit under the SVLDRS Scheme will have to pay their tax from time to time. No information related to the application procedures under Vivad Se Vishwas Yojana has been released by the government. As soon as the government will release the application procedures under this scheme we will update you through Sabka Vishwas (Legacy Dispute Resolution) Scheme. Until then if you have any queries or questions related to Sabka Vishwas Scheme you can ask us in the comment box given below.