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Cabinet has approved some amendments in the Vivad se Vishwas scheme. The amended bill is likely to be in public shortly. The parliament may pass the amendments in March 1st week. Here are the 7 points summarising the proposed amendments.
Here is the 7 point summary, we all may know.
1. The amendments inter alia now cover
- the application made u/s 264,
- search and seizure cases where the disputed tax is below Rs. 5 crores,
- cases where prosecution has been launched by other agencies and not by the department.
2. The Rs. 5 crore limit is for one assessee but cumulative covering all the 6+1=7 years.
3. Now there will be two rates under the VeV Act.
(I) 50% - Where assessee has won appeal in the lower forum and department is in appeal. The assessee has to pay 50% of the disputed tax.
(II) 100% - Where the department has won the cases in lower forum and the assessee is in appeal. The assessee has to pay 50% of the disputed tax.
Appeals before the ITAT, HC, and SC are covered.
Appeals pending before the CIT(A) have no 50% block.
4. Assessees availing the benefit of the scheme should pay entire disputed tax, regardless of 50% block or 100% block.
5. The AOs would segregate the categories of the assessees into segments like Central PSU, State PSUs, Government Contractors, Large Assessees, Foreign Companies. They would use abbreviations of CPSU, SPSU, GC, LA and FC respectively for the respective category.
6. The AOs would ensure that all petitions u/s 154 are disposed of and appeal effect given within next 4 days. They would check each and every entry both in arrear demand and current demand segment.
7. The CBDT desires that the entire department should be prepared with exact data in different appellate forum so that once the bill is passed assessees can be persuaded to apply for the scheme.