Deadline for ‘Vivad se Vishwas’ scheme extended by government for taxpayers

Deadline for ‘Vivad se Vishwas’ scheme extended by government for taxpayers

Attention Taxpayers! Last date for tax dispute resolution-cum-amnesty  scheme extended, this is the new deadline - The Financial ExpressThe Central government on Sunday extended the deadline for making payments under tax dispute settlement scheme ‘Vivad se Vishwas’ from April 30 to June 30 to help the taxpayers at the time of coronavirus pandemic.

“The deadlines have been extended in view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants and other stakeholders that various time barring dates, which were earlier extended to April 30, 2021, by various notifications may be further extended,” a finance ministry spokesperson said.

The deadline of April 30 for income-tax assessment or reassessment orders and notice for reopening of cases where income has escaped assessment have also extended by two months.

Government extends amnesty scheme for pre-GST era taxes by 15 daysThe spokesperson added that the time that is extended will be applicable for passing an order related to any directive of the Dispute Resolution Panel (DRP) and for sending intimation to the process of equalisation levy (EL).

He said that the time for payment should be extended to June 30, 2021.

The ‘Vivad se Vishwas’ scheme is one of the most successful direct tax dispute resolution schemes.

The scheme has settled more than 1.48 lakh vexed cases and recovered 54% of about ₹1 lakh crore amount under litigation.

Vivad Se Vishwas Scheme filing extended: Latest News & Videos, Photos about  Vivad Se Vishwas Scheme filing extended | The Economic TimesThe scheme started on March 17, 2020 and was closed on March 31 this year. But the taxpayers who have made declarations with the deadline can make payment without any penalty.

According to official data, the government received a total of 1,33,837 applications under the scheme that involved 1,48,690 disputes – 1,45,237 related to appeals by assesses and 3,453 related to appeals by the income-tax department. While the total disputed amount was ₹1,00,437 crore, the government received ₹54,005 crore payments against the disputed tax.

The scheme settles disputed tax, disputed interest, disputed penalty or disputed fee. It grants immunity to taxpayers from levy of interest, penalty and institution of any proceeding.

The scheme was announced by Finance minister Nirmala Sitharaman in the Union budget that was presented on February 1, 2020.

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