Vivad Se Vishwas Scheme

Important Keyword: Income Tax, Tax Savings & Deductions.

Vivad Se Vishwas Scheme

There are around 85% pending cases in India, with 50% of these cases sponsored by the state government itself, highlighting the slow pace of the Indian judicial system. To address this issue, the government has introduced schemes aimed at faster resolution of pending cases. One such initiative is the ‘Vivad Se Vishwas’ Scheme, launched by the Income Tax Department in FY 2019-20 to expedite the resolution of pending tax-related disputes.

Latest Extended Due Date

The deadline for filing a declaration under the direct tax dispute resolution scheme, it was last extended to September 30, 2021. After this date, the scheme was discontinued.

What is Vivad Se Vishwas?

The scheme was designed to settle disputed tax amounts, including interest, penalty, or fees related to an assessment or reassessment order. Under this scheme, taxpayers could settle their disputes by paying 100% of the disputed tax amount and 25% of the disputed penalty, interest, or fee. In return, taxpayers were granted immunity from the levy of interest, penalty, and the initiation of any prosecution proceedings under the Income-tax Act for matters covered in the declaration.

The Central Board of Direct Taxes (CBDT) extended the due date following requests from taxpayers, tax consultants, and other stakeholders due to the severe COVID-19 pandemic.

Steps to File a Declaration under Vivad Se Vishwas

1. Login to the Income Tax Portal
   • Visit the Income Tax Portal and log in with your credentials.
   • Click on the Vivad Se Vishwas option.
2. Prepare and Submit DTVSV Form
   • Select the relevant assessment year and filing type.
3. Fill Out the Form
   • Complete Form-1 with the necessary details.
   • Fill Form-2 for the final submission.
   • Submit all required documents properly, using DSC (Digital Signature Certificate) or EVC (Electronic Verification Code) as applicable.

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Official Income Tax Return filing website: https://incometaxindia.gov.in/