Vivad Se Vishwas Scheme: Last date of payment extended
Vivad Se Vishwas Scheme: The government on Tuesday extended the deadline for making payment under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’. This is the third time the date has been extended. The new deadline is now March 31, 2021
Vivad Se Vishwas Scheme: The government on Tuesday extended the deadline for making payment under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’. This is the third time the date has been extended. The new deadline is now March 31, 2021. As per a Central Board of Direct Taxes (CBDT) notification, declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, the payment without additional amount can now be made up to March 31, 2021.
“In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, the Government today further extended the date for making payment without additional amount from 31st December 2020 to 31st March 2021. Also, the last date for making declaration under the Scheme has been notified as December 31, 2020,” the official statement said.
Meanwhile, Finance Secretary Ajay Bhushan Pandey reviewed the progress made so far by the Income Tax Department on Vivad se Vishwas Scheme in a high level meeting through video conferencing along with CBDT Chairman and Board members with all Principal Chief Commissioners of Income Tax across the country to expedite the Scheme which, he said, is highly beneficial to the taxpayers.
The scheme was introduced earlier this year. Under this, taxpayers willing to settle disputes will be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute.
The Revenue Department also notified five forms for various steps under the scheme, which are required to be filled online. The eligible assessees are required to submit their declaration in Form 1 to the designated authority, which is a very detailed form covering different scenarios.
Further, an undertaking waiving the right to seek or pursue any remedy or any claim in relation to tax arrears under any law shall have to be furnished by the declarant in Form 2. The declaration form (Form 1) seeks detailed information relating to the nature of tax arrears, assessment year, details of order, amount of tax arrears already paid, etc.
Further, the form provides the manner of computation of 'tax payable' under the scheme in different scenarios (i.E. For declarations relating to disputed tax/ TDS/TCS/ disputed interest/ disputed penalty or fee).
On receipt of the declaration form and undertaking, the designated authority shall, within 15 days, issue an order (in Form 3) directing the assessees to make payment of sum payable after adjusting the amounts already paid.
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