Government Extends ‘Vivad se Vishwas’ scheme Deadline till September 30, 2021
- The government has announced extension in the deadline for making payment under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’ by one months till September 30, 2021.
- In June, the Ministry of Finance had extended the deadline for making payments under the scheme till August 31.
- The decision for further extension in deadline was taken considering the difficulties being faced in issuing and amending Form no 3, which is essential for making payment by the declarant under Vivad se Vishwas Act.
- This is the fifth time that the deadline is being extended by the Ministry of Finance.
Points to Remember:
- Deadline for making payment under direct tax dispute settlement scheme ‘Vivad Se Vishwas’ ?
- ‘Vivad Se Vishwas Act’ is launched by which ministry?
Source: Business Standard
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 stipulated time.
- Those who avail this scheme after deadline, will have to pay 10% additional penalty and interest amount.