Govt announces big relief to taxpayers! Payment date for Vivad se Vishwas Scheme extended – All you need to know
New Delhi: The authorities in a bid to offer additional reduction to the taxpayers has prolonged the cost date for Vivad se Vishwas Scheme.
In order to offer additional reduction to the taxpayers desirous of settling disputes underneath Vivad se Vishwas Scheme, the Government has additional prolonged the date for making cost with out extra quantity from December 31, 2020 to March 31, 2021. The final date for making declaration underneath the Scheme has additionally been notified as December 31, 2020.
As per the notification issued at this time, the declaration underneath the Vivad se Vishwas Scheme shall be required to be furnished newest by December 31, 2020, nonetheless, solely in respect of mentioned declarations made by December 31, 2020 the cost with out extra quantity can now be made as much as March 31, 2021.
Finance Secretary Ajay Bhushan Pandey has additionally reviewed the progress made to date by the Income Tax Department on Vivad se Vishwas Scheme in a excessive stage assembly via video conferencing together with CBDT Chairman and Board members with all Principal Chief Commissioners of Income Tax throughout the nation to expedite the Scheme which, he mentioned, is very helpful to the taxpayers, including additional that “We need to advance the Vivad se Vishwas Scheme with greater persuasion and perseverance and must reach out to the taxpayers to facilitate all necessary handholding.”
In the assembly, solutions and feedback of the Field Officers had been additionally mentioned relating to the motion plan for profitable implementation of the Scheme in a time certain method.
In the assembly, CBDT Chairman PC Mody talked about the significance of cleansing up of demand for facilitating and persuading the taxpayers for submitting declarations underneath the Scheme. He emphasised on Pr. Chief Commissioners of Income Tax to hold out all attainable actions reminiscent of disposing pending rectifications, giving pending attraction results, eradicating duplicate calls for, and so forth. in order to reach at a ultimate demand for every assessee in order that every time a taxpayer recordsdata Form 1 or 2 underneath the Vivad se Vishwas Scheme, the Pr. Commissioner of Income Tax involved is able to concern Form three promptly.
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It was additionally determined within the assembly to undertake a proactive strategy for implementation of the Scheme by approaching taxpayers straight, guiding and facilitating them in submitting of declarations and eradicating any difficulties or issues confronted by them in availing the Scheme. It was additional determined to have periodic evaluation of the progress of the Scheme each fortnight.
The Direct Tax Vivad se Vishwas Act, 2020 was enacted on 17th March, 2020 with the target to scale back pending revenue tax litigation, generate well timed income for the Government and to profit taxpayers by offering them peace of thoughts, certainty and financial savings on account of time and assets that will in any other case be spent on the long-drawn and vexatious litigation course of.
In order to offer extra time to taxpayers to settle disputes, earlier the date for submitting declaration and making cost with out extra quantity underneath Vivad se Vishwas was prolonged from March 31, 2020 to June 30, 2020. Later once more, this date was prolonged additional to December 31, 2020.
Therefore, earlier each the declaration and the cost with out extra quantity underneath the Vivad se Vishwas had been required to be made by December 31, 2020.
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