Vivad se Vishwas: Last date for making funds prolonged

The authorities on Saturday prolonged the deadline for making cost underneath the direct tax dispute decision scheme Vivad Se Vishwas by two months until June 30, 2021, to ease hardships confronted by taxpayers amid the pandemic.
Also, 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 also been decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th 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 gives for settlement of disputed tax, curiosity, penalty or charges in relation to an evaluation or reassessment order on cost of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or curiosity or payment.
The taxpayer is granted immunity from levy of curiosity, penalty and establishment of any continuing for prosecution for any offence underneath the Income-tax Act in respect of issues lined within the declaration.
CBDT stated it had obtained 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.

“In the light of several representations received and to address the hardship being faced by various stakeholders, the Central Government has decided to extend the time limits to June 30, 2021, in the following cases where the time limit was earlier extended to April 30, 2021, through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020,” CBDT stated.
The scheme had netted about Rs 54,000 crore to the exchequer until early April and extra is predicted to return in primarily based on the declarations already filed. The final date for making the cost has now been prolonged until June 30.
WITH PTI