Union Finance Minister Nirmala Sitharaman.
Credit: PTI Photo
The Union Budget presented by Finance Minister Nirmala Sitharaman, introduced the Vivaad se Vishwas Scheme. It is a scheme for used to resolve disputes in direct tax. It aims to reduce the number of pending litigations, helping both the government and the taxpayers by generating timely revenue as well as save time and money spent in the litigation process.
According to the budget announcement, "The Income-tax Act, 1961 provides for a mechanism of filing of appeals against orders passed under the proceedings of the Act, both by the taxpayer and the Department before respective appellate fora, such as Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals), the Income-Tax Appellate Tribunal, High Courts and Hon'ble Supreme Court. It has been the endeavour of the Central Board of Direct Taxes to provide expeditious disposal of appeals by appellate authorities under its administrative control."
The Direct Tax Vivaad Se Vishwas Act, which was introduced in 2020 is one such act. It was meant for appeals that were pending and reportedly got a good response from the taxpayers. In her budget speech, Sitharaman also mentioned that the scheme will be made operational from a particular date and the last date for the scheme will also be notified.
The Finance Minister also said in her speech that the central government would continue with their efforts to simplify taxes, improve tax payer services, provide tax certainty and reduce litigation while enhancing revenues for funding the development and welfare schemes.
She also mentioned that a number of measures were taken in the last few years including introduction of simplified tax regimes without exemptions and deductions for corporate tax and personal income tax to simplify taxaxtion.
"This has been appreciated by tax payers. 58 per cent of corporate tax came from the simplified tax regime in financial year 2022-23," she added.
Union Budget 2024 LIVE | Making a record for any Finance Minister, Nirmala Sitharaman presented her 7th consecutive Union Budget on July 23, 2024 under the Modi 3.0 government. This Budget brought tax relief for the middle class, while focusing on jobs through skilling, incentivising employers. Track the latest coverage, live news, in-depth opinions, and analysis only on Deccan Herald. Also follow us on WhatsApp, LinkedIn, X, Facebook, YouTube, and Instagram.