Vivad se Vishwas (the Scheme) is an attempt by the Government of India (GoI) to put an end to pending direct tax disputes. The benefit under the Scheme is maximised if taxpayers avail it before 1 April 2020, though the Scheme is likely to be available till 30 June 2020. The Scheme is likely to cater to all the taxpayers having income tax disputes in India. Depending on the contours of the pending dispute, a proportion of the total tax, interest and penalty demanded, needs to be paid under the Scheme for settlement.
Date and Time: Coming soon
Duration: 60 minutes
The recently launched dispute resolution scheme viz. The Direct Tax Vivad Se Vishwas Bill, 2020 (Scheme), has garnered a lot of attention amongst taxpayers and also aroused interest in relation to some open issues. In this regard, the Central Board of Direct Taxes vide its Circular No. 7 dated 4 March 2020, has released frequently asked questions (FAQs) covering answers to 55 Questions to provide clarity on various aspects on the Scheme.
After doing a multi-city panel discussion on the Scheme with Senior Tax Officials, PwC invites you to an interactive discussion over a webcast with a view to understand the key highlights from the FAQs, and discuss the open issues.
Joint Secretary, TPL (1),
Ministry of Finance, GoI
Had a very positive Panel Discussion on Vivad se Vishwas Scheme where Mr. Satish K Gupta, Principal Chief Commissioner - Income Tax, Mumbai, along with other senior tax officials, provided clarity on several open issues in an interactive and power-packed discussion with 100+ clients.
Vivad Se Vishwas scheme is a bold move by the Government to resolve tax disputes in India and more so, given the wide range of cases covered within its ambit. This will also contribute to tax collections given the revenue pressures on the government.
The scheme is for reducing litigation and we want to make the scheme a success. We are ready for making rectifications and order giving effect. Just as we are ready, taxpayers should also be ready to capitalise on the Scheme. Refunds will be given very fast and a clarification on timelines of granting of refund is expected. The Scheme is for reducing litigation and is qua the appeal and not the assessment year. One can approach under the Scheme only for a few appeals and not all the appeals of a particular assessment year. Clarification on refund of other years to be adjusted against demand for year under the Scheme is expected in FAQs.
The Scheme helps to resolve legacy Direct tax issues and allows the taxpayers to deploy time and resources in the conduct of business.
We cannot dissect a case and adjudicate on the merits of the case because that is not the intent of the Scheme.
Rahul Garg, Partner, PwC, Tax & Regulatory, Pragya Sahay Saksena – Principal Chief Commissioner of Income Tax, International Taxation, Ashish Kumar – Commissioner of Income Tax, International Taxation, Dr. Prabha Kant – Commissioner of Income Tax, International Taxation.
Sandeep Chaufla, Partner and Rahul Gupta, Partner, PwC India
Vishal Anand, Partner, PwC India
Rupak Saha, Partner, PwC India
Ashutosh Chaturvedi, Partner, PwC India and Pragya Sahay Saksena – Principal Chief Commissioner of Income Tax
Sandeep Ladda, Partner, Dhanesh Bafna, Partner and Kuntal Sen, Executive Director, PwC India with panelists Satish Kumar Gupta, Chief Commissioner of Income Tax, Mumbai, Geetha Ravichandran, Chief Commissioner of Income Tax, Mumbai, Mahesh Shah, Chief Commissioner of Income Tax (International Taxation & Transfer Pricing), Mumbai.
Gautam Mehra, Partner & Leader - Tax & Regulatory Services, PwC India addresses the gathering at the Vichaar on Vivad Se Vishwas Scheme event in Mumbai.
Satish Kumar Gupta, Principal Chief Commissioner of Income Tax, Mumbai, addresses the gathering at the Vichaar on Vivad Se Vishwas Scheme event in Mumbai.
Smit Sheth, Partner, PwC India presents the key features of the Scheme.
We will be present with you during the entire dispute resolution journey and provide complete handholding from strategy to execution. For any additional information about the Scheme, please reach out to your PwC relationship manager or write to firstname.lastname@example.org
Partner and Leader, Tax and Regulatory Services, PwC India
Tel: +91 22 6689 1155