In a relief to taxpayers, the central government has again extended compliance deadlines for the Vivad se Vishwas direct tax dispute resolution scheme. In this article, we will discuss the due date for Extend Vivad Se Vishwas Scheme.
Extend Vivad Se Vishwas Scheme
The Central government has again extended the deadline for settling tax disputes under the Vivad se Vishwas scheme without spending any interest and penalty by the month to 30 April 2021, from March 31, 2020.
The first deadline was June 30, 2020, then it was extended to December 31, further it was extended to March 31, 2021. This announcement by the government as a part of the mega financial relief package. This is the fourth event the deadline for the scheme has been extended.
CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March 2021 intending to reduce pending income tax litigation. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. The date for payment without additional amount under VSV extended to 30th April 2021,” the Income Tax department said in a tweet late Friday. Also, Read Official Notification
Major Objectives of Vivad se Vishwas Scheme
The Direct Tax ‘Vivad se Vishwas’ Act, 2020 was passed on March 17, 2020, to conquer pending income tax litigation, generate timely revenue for the government and avail taxpayers.
As many as 1,25,144 cases have so far considered for the Vivad se Vishwas Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at various legal discussions.
Vivad se Vishwas scheme intends to end litigation and legacy disputes under the direct taxes category. As ₹9.32 lakh, crore worth of revenue has blocked in almost 4.8 lakh appeals pending at various income tax appellate forums.
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