Government Extends ‘Vivad se Vishwas’ scheme Deadline till 30 June 2021
- The government has once again extended the deadline for making payment under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’ by two months till June 30, 2021 to provide relief to the taxpayers facing hardships amid the pandemic.
- This is the fourth time that the deadline is being extended by the Ministry of Finance, since the launch of the scheme.
- The deadline was extended for the first time from March 31, 2020 to June 30, 2020, followed by December 31, 2020 and then again till March 31, 2021.
What is Vivad Se Vishwas scheme?
- The ‘Vivad Se Vishwas’ scheme was announced in the Union Budget 2020, as per which a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by 31st March, 2020.
- Those who avail this scheme after 31st March, 2020 will have to pay 10% additional penalty and interest amount.
- The scheme provides for settlement of disputed tax, interest, penalty or fees in relation to an assessment or reassessment order on payment of 100 percent of the disputed tax and 25 percent of the disputed penalty or interest or fee.
- The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.
Source: Business Standard
Points to Remember:
- The ‘Vivad Se Vishwas’ scheme is realted to? Direct tax dispute resolution
- What is the deadline for making payment under the ‘Vivad Se Vishwas’ scheme? June 30, 2021