INSUBCONTINENT EXCLUSIVE:
MUMBAI: After reaching out to Indian companies, public sector units and multinationals, the taxman has now asked foreign portfolio investors
(FPIs) to avail the tax litigation scheme and settle legacy tax disputes
The taxman is asking several investors to settle their legacy disputes under the Vivad Se Vishwas scheme as the March 31 deadline approaches
As per people in the know, some tax officers have also given assurances that the procedures under the scheme would be completed within two
Most FPIs are looking to stay away from the tax litigation settlement scheme as they feel they would be able to win most of the tax
Experts involved in the litigation point out that most of the FPIs face litigation mainly around technical issues like jurisdictional
office is creating lot of pressure on taxpayers to come and settle under the Vivaad se Vishwas even when the case of taxpayer is strong on
Maheshwari, partner at Ashok Maheshwary - Associates.
The scheme allows taxpayers to settle disputes by paying outstanding taxes while
getting a waiver of interests and penalties.
In last few days several associations have reached out to the government and have sought
extension of deadline for Vivad Se Vishwas scheme
The current deadline for the scheme is March 31, which could be extended to May 31, said people in the know
The tax department had also reached out to some of the government departments and asked them to settle the past disputes
Several companies, including public sector units, are still reluctant to settle all their tax litigations through the scheme despite
government prodding due to cash flow issues and likely impact on balance sheet.