Deadline for filing under VsV extended to March 31
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The Income Tax Department on Friday extended the deadline for filing declarations and making cost under direct tax dispute decision scheme Vivad Se Vishwas (VsV) until March 31 and April 30.
“CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31 March, 2021. Date for payment without additional amount under VsV extended to 30 April, 2021,” the I-T division tweeted.
The final date for filing declaration under VsV scheme was February 28, whereas for paying the disputed tax the date is March 31.
As many as 1,25,144 instances have to this point opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5% of the 5,10,491 instances that have been pending at totally different authorized fora. About ₹97,000 crore price disputed tax has opted for decision under the scheme.
The Vivad Se Vishwas scheme gives for settlement of disputed tax, disputed curiosity, disputed penalty or disputed charges in relation to an evaluation or reassessment order on cost of 100% of the disputed tax and 25% of the disputed penalty or curiosity or charge.
The taxpayer is granted immunity from levy of curiosity, penalty and establishment of any continuing for prosecution for any offence under the Income-Tax Act in respect of issues coated within the declaration.
The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 to settle direct tax disputes locked up in numerous appellate discussion board.
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