Govt extends deadline to make payment under Vivad Se Vishwas scheme till March 31

The authorities on Tuesday prolonged for the third time the deadline for making fee below the direct tax dispute settlement scheme ‘Vivad Se Vishwas’ by three months to March 31, 2021.  

As per a Central Board of Direct Taxes (CBDT) notification, declaration below the Vivad se Vishwas Scheme shall be required to be furnished newest by December 31, 2020. However, solely in respect of the mentioned declarations made, the fee with out extra quantity can now be made as much as March 31, 2021.

“In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021.

“Also, the last date for making declaration under the Scheme has been notified as December 31, 2020,” an official assertion mentioned. Finance Secretary Ajay Bhushan Pandey on Tuesday reviewed the progress made to date by the Income Tax Department on Vivad se Vishwas by video conferencing together with CBDT chairman and board members and all of the Principal Chief Commissioners of Income Tax throughout the nation to expedite the scheme.

“This is a scheme for the benefit and convenience of the taxpayers as they would get instant disposal of the dispute with no further cost of litigation besides monetary benefits in the form of waiver of penalty, interest and prosecution,” Pandey mentioned. In the assembly, CBDT Chairman P C Mody requested the Principal Chief Commissioners of Income Tax to hold out all attainable actions reminiscent of disposing pending rectifications, giving pending enchantment results and eradicating duplicate calls for in order to reach at a closing demand for every assessee.

It was determined within the assembly to undertake a proactive strategy for implementation of the scheme by approaching taxpayers immediately, 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 March 17, 2020 to settle direct tax disputes locked up in numerous appellate boards.

In order to supply extra time to taxpayers to settle disputes, earlier the date for submitting declaration and making fee with out extra quantity below Vivad se Vishwas was prolonged from March 31, 2020 to June 30, 2020. This date was once more prolonged to December 31, 2020.

Earlier, each the declaration and the fee with out extra quantity below the Vivad se Vishwas have been required to be made by December 31, 2020.