Taxpayers can even get refund of amount of penalty from the department by joining Vivad Se Vishwas (VSV) scheme, said Shelly Jindal, Principal Commissioner of Income Tax.
It’s a onetime dispute settlement scheme. He made it clear that the objective of bringing the scheme is not to collect tax but to mitigate the cases of litigation. Jindal was interacting with office-bearers of various organizations of the tax consultants and trade organizations here on Friday through a webinar. Over 80 tax consultants and traders joined the webinar.
It was organised to make tax payers aware about the accessee friendly features of the scheme. Senior IRS officer Jindal stated that this is the first such scheme, which helped in clearing the litigation cases of the past and live a peaceful life, where cases pending in Commissioner of Income Tax (CIT-Appeal, Income Tax Appelate Tribunal (ITAT) High Court and even Supreme Court can be resolved by paying merely 30% tax. ‘The department has made recovery of tax in the last days.
Thus, now it has to make refund, if the fault proves at the part of the department. Similarly, in case of payment of amount of penalty, its refund will also be made under the scheme. Once again I would like to clarify that the objective of the scheme is not to expand the tax collection, but to mitigate the cases of litigation’ Jindal said.
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