Government Extends ‘Vivad se Vishwas’ scheme Deadline till 31 March 2021
- The government has further extended the deadline for making payment under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’ by three months till March 31, 2021, in order to provide further relief to the taxpayers.
- This is the third time that the deadline is being extended by the Ministry of Finance.
- The deadline was extended for the first time till June 30, 2020 and then again till December 31, 2020.
- As per the latest notification, the taxpayers can now settle their tax disputes without additional amount till March 31, 2021.
- The last date for making declaration under the Scheme has also been extended till December 31, 2020.
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 will remain open till 30th June, 2020.