Indore (Madhya Pradesh): CA Vijay Bansal has stated that increasing tax disputes are causing trouble for both the taxpayer and the Income Tax department. Both the taxpayer and the department have to bear the cost due to tax disputes. With the aim of reducing this, ‘Vivaad se Vishwaas Scheme’ was announced in Budget 2024.
As per the scheme, pending income tax disputes at any level on 22 July 2024, Such as pending appeals (Commissioner’s Appeal, Income Tax Tribunal, High Court, Supreme Court), pending or settled matters before the Dispute Resolution Panel (DRP), and other cases may be included in it.
The administration, manner, filing procedure of this scheme is similar to the Direct Tax Vivaad se Vishwas Scheme introduced in 2020. The taxpayer can apply under the scheme by opting for tax payment option availed in the scheme and can get relief in interest and penalty to a great extent. For the first time the department has brought such an attractive amnesty scheme in a short span of 4 years.
Earlier, TPA secretary CA Dr. Abhay Sharma said that after the faceless regime, the highest pendency is at the Commissioner Appeal level and thousands of cases are pending, in which about 2.7 crore tax disputed cases are pending on different legal platforms. The monetary value of tax related to these cases is about Rs 35 lakh cr., due to which both the taxpayer and the department are spending time, manpower and cost, despite this the department is not able to reach any decision.
To reduce the pendency at the Commissioner Appeal level, the department had also posted Joint Commissioner Appeal, but it is also not that effective. CA Sharma said that Vivaad se Vishwas Scheme-2024 will definitely help in reducing this pendency. On this occasion, CA Pankaj Shah, CA Anand Jain and CA Ankush Jain, who won the ICAI election from Indore, were also felicitated.
CA Abhay Sharma, secretary of TPA conducted the programme. CA Deepak Maheshwari delivered the vote of thanks. CA Shailendra Singh Solanki, CA Manoj Gupta, Advocate Mahesh Agarwal, CA Manoj P Gupta, CA Ajay Samaria, Govind Goyal, and a large number of members were present in the programme.
