Deadline for filing under VsV extended to March 31

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 31 March, 2021. Date for payment without additional amount under VsV extended to 30 April, 2021,” the I-T department tweeted.

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% of the 5,10,491 cases that were pending at different legal fora. About ₹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% of the disputed tax and 25% of the disputed penalty or interest or fee.

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.

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Printable version | Apr 11, 2021 10:42:29 AM |

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