Vivad se Vishwas Scheme was launched by the Union Finance Minister in the Union Budget 2020. The VSV Scheme was released to decrease unsettled income tax court cases, generate punctual compensations for the Government, and profit for those who pay taxes.
The Direct Tax’ Vivad se Vishwas’ Act, 2020 was passed on 17th March 2020, and the action focuses on terminating the legal action and debates under the taxation category.
Overview of Vivad se Vishwas Scheme
|Name||Vivad se Vishwas Scheme|
|Also known as||VSV|
|Launched by||Government of India|
|Nodal Ministry||Ministry of Finance|
|Sector||Central sector scheme|
Objective and Benefits of Vivad se Vishwas Scheme
•It benefits those whose tax necessities are sealed in countless dispute forums.
•The Vivad Se Vishwas scheme 2020 resolves countless on-hold direct tax-related disputes.
•It focuses on fixing approximately 483,000 pending tax-related conflicts in the Supreme Court, the High Court, the Income Tax Appellate Tribunal, or the Commissioner (Appeals).
•If anyone cannot pay direct taxes by 31st March, they would have to spend 10% more till 30th June.
How to apply for Vivad se Vishwas Scheme
FAQ’s Frequently Asked Questions
How to file Form 4 of Vivad SE Vishwas Scheme?
Filing of Form – 4
After login to the portal, click on the Form 4 option, the following information will be auto-populated: According to the certificate received from the designated authority in Form-3 vide certificate number. PAN/TAN and Aadhaar Number. Assessment year / Financial Year.