Vivad Se Vishwas scheme: Govt extends time until June 30 for making funds

Vivad Se Vishwas scheme: Govt extends time until June 30 for making funds

The federal government on Saturday prolonged the deadline for making fee underneath the direct tax dispute decision scheme Vivad Se Vishwas by two months until June 30 to ease hardships confronted by taxpayers amid the pandemic.

Additionally, it has prolonged the due date for issuance of discover for reopening of evaluation by tax officers the place earnings has escaped evaluation and sending intimation of processing of Equalisation Levy until June 30.

“It has additionally been determined that point for fee of quantity payable underneath the Direct Tax Vivad se Vishwas Act, 2020, with out an extra quantity, shall be additional prolonged to thirtieth June 2021,” Central Board of Direct Taxes (CBDT) stated in a press release.

The deadline for submitting declaration underneath the scheme ended on March 31.

The Vivad Se Vishwas scheme supplies for settlement of disputed tax, curiosity, penalty or charges in relation to an evaluation or reassessment order on fee of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or curiosity or charge.

The taxpayer is granted immunity from levy of curiosity, penalty and establishment of any continuing for prosecution for any offence underneath the Earnings-tax Act in respect of issues coated within the declaration.

CBDT stated it had acquired requests from taxpayers, tax consultants and different stakeholders to increase time barring dates in view of the extreme COVID-19 pandemic raging unabated throughout the nation.

“Within the gentle of a number of representations acquired and to handle the hardship being confronted by numerous stakeholders, the Central Authorities has determined to increase the deadlines to June 30, 2021, within the following instances the place the time restrict was earlier prolonged to April 30, 2021, by means of numerous notifications issued underneath the Taxation and Different Legal guidelines (Leisure) and Modification of Sure Provisions Act, 2020,” CBDT stated.

The scheme had netted about Rs 54,000 crore to the exchequer until early April and extra is anticipated to return in primarily based on the declarations already filed.

The final date for making the fee has now been prolonged until June 30.

(Solely the headline and film of this report could have been reworked by the Enterprise Customary employees; the remainder of the content material is auto-generated from a syndicated feed.)

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