I-T department approaches 5,627 entities to avail Vivad se Vishwas scheme

The income tax (I-T) department has so far approached 5,627 entities to avail of the Vivad se Vishwas, or direct tax dispute settlement, scheme. Those approached include large taxpayers, mostly foreign banks, which have disputes relating to international taxes.

Of this, a total 1,730 assessees, involving a tax demand of Rs 1, 578 crore, have agreed to come under the scheme, according to a preliminary report prepared by the I-T department.  

The report had been discussed in a meeting held on February 28, called by the oversight committee, (an internal panel formed to supervise the Vivad se Vishwas scheme). 

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