Govt notifies rules, forms for vivad se vishwas scheme

The government has notified the rules and online forms to be filled by taxpayers for availing the direct tax dispute resolution scheme ‘Vivad Se Vishwas’. Under the proposed scheme,

taxpayers willing to settledisputes will be allowed a complete waiver of interest and penalty if they paythe entire amount of tax in dispute by March 31 this year. After March 31, an

additional 10 per cent of disputed taxwill have to be paid over and above the tax liability. However, disputes related to wealth tax, commoditytransaction tax, securities transaction tax and

equalisation levy are notcovered.The scheme would remain open till June 30. TheRevenue Department notified five forms for various steps under the scheme,which are required to be filled

online.