Vivad se vishwas scheme: 31 december (income tax settlement scheme)

One time opportunity announced by finance ministry for waiver of interest penalty and prosecution by simply paying tax amount to get rid of pending litigation.

One has to apply to department and authority shall issue order and assessment has option to accept or reject that at his discretion.

It's good chance for those assessee who have gone in to appeal but very week argument or case than he is going to get benefit upto 75% of demand and get peace.