The declarant has filed a declaration for disputed penalty. He is required to pay 25% or 30% of disputed penalty to settle the dispute. Will interest levied or leviable be waived in this case?
FAQs on Direct Tax Vivad Se Vishwas Act, 2020
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Interest waiver on disputed penalty: payment of the required settlement amount extinguishes interest obligations under the scheme. Payment of the prescribed portion of a disputed penalty under the Vivad Se Vishwas framework results in waiver of interest levied on, or leviable in respect of, that penalty once the declarant pays the required settlement amount.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Interest waiver on disputed penalty: payment of the required settlement amount extinguishes interest obligations under the scheme.
Payment of the prescribed portion of a disputed penalty under the Vivad Se Vishwas framework results in waiver of interest levied on, or leviable in respect of, that penalty once the declarant pays the required settlement amount.
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