Question

The ______ Scheme was announced during the Union Budget, 2020, to provide for dispute resolution in respect of pending income tax litigation.
1. Vishwas Vartaman ka
2. Vivad Se Vishwas
3. Vishwas ki Vriddhi
4. Sabka sath sabka vikas 

Answer 1

Correct Answer - Option 2 : Vivad Se Vishwas

The correct answer is Vivad Se Viswas.

• In the 2020-21 Budget, Vivad se Viswas scheme was introduced to put an end to pending direct tax disputes at various appellate forums paving way for efficient revenue collection.
• It waives of the interest, penalty & prosecution for those persons who settle their dues by March 31, 2021.
• It is modelled on the lines of Sabka Vishwas scheme which met with reasonable success in closing numerous litigations in indirect tax demands.

• The vivad se vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020.
• The objective of the scheme is that provides a mechanism for resolution of pending tax disputes related to direct taxes (Income Tax and Corporate Tax) in simple and speedy manner. 
• The scheme aims to benefit those whose tax demands are locked in dispute in multiple forums.