Vivad se Vishwas deadline extended

Vivad se Vishwas scheme was announced in the budget this fiscal to provide a mechanism for the resolution of pending Income Tax disputes.
Sheena

Updated: Nov 04, 2020 09:09:16 am

Vivad se Vishwas deadline extended

30 October 2020 Current Affairs:

The government has extended for the 3rd time the deadline for making payment without additional amount under the ‘Vivad Se Vishwas' by three months from December 31, 2020, to March 31 2021.

Highlights:
♦ Vivad se Vishwas scheme was announced in the budget this fiscal to provide a mechanism for the resolution of pending Income Tax disputes. 
♦ As on November 30, 2019, about 4.83 lakh appeals pending at various levels involving tax arrears to the tune of about 9.32-lakh crore. 
♦ Under the Scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty provided he pays by March 31, 2020. Those who avail this Scheme after March 31, 2020, will have to pay some additional amount.
♦ To provide more time to taxpayers to settle disputes, earlier the date for filing the declaration and making payment without additional amount was extended from March 31, 2020, to June 30, 2020. This date was again extended to December 31, 2020.

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