Saturday, February 29, 2020
On 22nd Feb the I-T department issued advertisements on "Vivad Se Vishwas" scheme saying it as a "golden opportunity to settle income tax disputes" and bridge trust deficit. This tax litigation settlement scheme appears to have come as a blessing for those who came under scrutiny following demonetisation, as per the tax experts. The revenue department has issued notices to about 10,000 people seeking details on the source of income as it analyses data on deposits of canceled notes. It also went after certain “entry operators” that helped several companies generate fake invoices as part of the exercise. All these companies are opting for the settlement scheme under which there will be no interest or penalties levied if all the taxes are paid up. The biggest relief for the taxpayer is that there would be no future investigation or prosecution if they had deposited unaccounted money in bank accounts,” tax advisors say.
