NEW DELHI: Disputes relating to wealth, securities transaction, commodity transaction taxes and equalisation levy will not be covered under ‘Vivad Se Vishwas’ amnesty scheme.
Issuing a detailed FAQ, the Income Tax department has clarified that the declarant has to deposit the disputed tax amount within 15 days after determination of the tax liability by a designated authority under the scheme.
The Direct Tax Vivad Se Vishwas Bill was passed by the Lok Sabha on Wednesday, paving the way for the government to notify rules and procedures for implementation of the scheme, which was proposed in the Budget.
Under the proposed scheme, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year, following which a 10 per cent additional disputed tax will have to be paid over and above the tax liability. (AGENCIES)
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