The new sheme has launched and people are not sure with the same. Here, you can know if you are eligible or not for the scheme launched the govt of India.
Income tax cases which are being arbitrated abroad will all be eligible for the scheme called Vivad se Vishvas in order to settle the disputes that are going on between the tax payers and the taxman.
The public’s message has been spelled out for the features of the scheme which is proposed by the current finance minister, Nirmala Sitharaman in her latest Budget speech she gave on 1st February. She has covered everything from payment terms, disputes cover and also the eligibility.
If you are interested to take the scheme and you want to file it, then you must have filed the return before January 31st and if you did that, you are allowed.
Some other eligibilities are, to order for the time for filing appeal should not be expired on 31st January. All the disputes where the payment has been made long ago are eligible for the scheme. No matter if they are living in India or abroad, if they meets the criteria, they are eligible.
On the whole thing, the notice reads-
“If an issue in taxpayer’s pending appeal is already decided in his favour by appellate forum or if department has filed appeal on an issue, amount payable is 50 per cent of aforesaid amounts,”.
The scheme is also not yet launched and is yet to notified. People who are interested in the scheme should be looking for the same and once the date comes, they can know more about the same and apply for the scheme.