The Vivad-se-Vishwas (VsV) – Dispute Resolution Scheme has the objective of reducing Direct Tax litigation in India. By opting for it, taxpayers can achieve closure of tax disputes by paying the disputed tax (or a portion thereof) and getting waiver from interest, penalty and prosecution.
Declarations under VsV can now be made up to 31 December 2020 and disputed tax can be paid up to 31 March 2021. Given the extended timelines, it is a good opportunity for taxpayers to settle their long-drawn income-tax disputes.
Partner, KPMG in India
Senior Partner, KPMG in India