Indiainfo Tax: Reviews-How to calculate Direct Taxes payable under Kar Vivad Samadhan Scheme, 1998

How to calculate Direct Taxes payable under Kar Vivad Samadhan Scheme, 1998

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Tax arrears determined under the Income Tax Act, 1961
1. An individual taxpayer has to pay at the rate of 30% of the disputed income.
2. A Company or a firm has to pay at the rate of 35% of the disputed income.
3. If tax arrears include income tax PLUS interest and/or penalty levied -An individual tax payer has to pay at the rate of 30% of the disputed income.
  A Company or a firm has to pay at the rate of 35% of the disputed income.
4. When tax arrears (including interest and/or penalty) are determined on the basis of search and seizure proceedings under section 132 or section 1 32A of the Income Tax Act
  An individual taxpayer has to pay at the rate of 40% of the disputed income.
  A Company or a firm has to pay at the rate of 45% of the disputed income.
5. If tax arrears comprise only interest a~ levied, pay only at the rate of arrears.
Tax arrears determined under the Wealth Tax Act, 1951
1. A taxpayer has to pay at the rate of 1% of the disputed wealth.
2. If tax arrears include wealth tax PLUS interest and/or penalty, tax has to be paid at the rate of 1% of the disputed wealth.
3. When tax arrears (including interest and/or penalty) are determined on the basis of search and seizure proceedings under section 37A or section 37B of the Wealth Tax Act, tax has to be paid at the rate of 2% of the disputed wealth.
4. If tax arrears comprise only interest and/or penalty, pay only at the rate of 50% of the total tax arrears.
Tax arrears determined under the Gift Tax Act, 1958
1. Tax has to be paid at the rate of 30% of the disputed value of the gift.
2. If tax arrears include gift tax PLUS interest and/or penalty, pay at the rate of 30% of the disputed value of the gift.
3. If tax arrears comprise only interest and/or penalty, pay only at the rate of 50% of the total tax arrears.
Tax arrears determined under the Expenditure Tax Act, 1987
1. Tax has to be paid at the rate of 10% of the disputed chargeable expenditure.
2. If tax arrears include disputed expenditure tax PLUS interest and/or penalty, a tax payer has to pay at the rate of 10% of the disputed chargeable expenditure.
3. If tax arrears comprise only interest and/or penalty, pay only 50% of the total tax arrears.

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