Advertisement

Govt extends deadline for filing declarations under VsV scheme till Mar 31, payment till Apr 30

11:36 PM Feb 26, 2021 | PTI

The Income Tax Department on Friday extended the deadline for filing declarations and making payment under direct tax dispute resolution scheme Vivad Se Vishwas (VsV) till March 31 and April 30.

"CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021. Date for payment without additional amount under VsV extended to 30th April, 2021," the I-T department tweeted.

Advertisement
Advertisement

The last date for filing declaration under VsV scheme was February 28, while for paying the disputed tax the date is March 31. As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora. About Rs 97,000 crore worth disputed tax has opted for resolution under the scheme. The Vivad Se Vishwas scheme provides for settlement of disputed tax, disputed interest, disputed penalty or disputed fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee.

Advertisement

The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income-tax Act in respect of matters covered in the declaration.

The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 to settle direct tax disputes locked up in various appellate forum.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement