I-T reaches out to individuals, firms as the Vivaad Se Vishwas scheme (VSVS) deadline nears – The Economic Times

Clipped from: https://economictimes.indiatimes.com/news/economy/policy/i-t-reaches-out-to-individuals-firms-as-the-vivaad-se-vishwas-scheme-vsvs-deadline-nears/articleshow/79803379.cmsSynopsis

Assessing officers have identified cases where the I-T department has filed appeals in courts for settlement and in cases where the interest component is high, in order to reach out to the assessees on time.

NEW DELHI: With less than two weeks to go before the Vivaad Se Vishwas scheme ends, Income Tax officials across the country are reaching out to individuals as well as corporates — via phone calls, emails and letters — to persuade those taxpayers still in litigation with the department to avail of the direct tax dispute settlement scheme. Assessing officers have identified cases where the I-T department has filed appeals in courts for settlement and in cases where the interest component is high, in order to reach out to the assessees on time.

“Reaching out to key litigants and our counterparts where we are in litigation is the key strategy for us, so that they can pay up 50% and withdraw,” said an official.

The-Endgame

This means cases where the department had challenged orders in the tax tribunal or High Courts against an assessee will be considered for possible settlement. “We’re using a strategy to identify the cases where the interest component is high and persuade the assessees to settle,” an I-T department official from Chennai said.Corporates and public sector units have also been approached by the tax authorities.

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