Vivad se Vishwas is a direct tax scheme for settling tax disputes between assessee’s and the income tax department. The extension of the deadline has come as a relief for those individuals who want to settle their tax disputes.
The Government on May 13, 2020, announced that is has extended the deadline for tax settlement scheme Vivad se Vishwas Scheme from earlier 30 June 2020 to 31 December 2020. Now the payment under Vivad se Vishwas Scheme can be made 31 December 2020 without interest & late fees.
This is the second time the deadline for the scheme has been extended. Earlier, Finance Minister as part of first relief package had extended the deadline from March 31, 2020 to June 30, 2020.
This latest extension will provide relief to those who had opted for the scheme but could not pay their installment on time due to the pandemic situation of Covid-19. Now they can make payment without paying additional 10% penalty & interest.
This Extension will also give an opportunity to those who are yet to decide whether they should opt for the scheme or not.
What is Vivad se Vishwas scheme?
Vivad se Vishwas Scheme was announced in the Budget 2020, for settlement of disputes under Income Tax between assessee’s and the Income Tax Department.
All the assessee’s who are in dispute with the Department and cases including appeals, writs, SLP’s & arbitration, pending at any forum including Appellate Authorities, Courts & DRP’s (Dispute Resolution Panel), can avail benefit of this scheme.
The dispute can be of Income Tax or Interest & Penalty or TDS & TCS.
Scheme offered complete waiver of interest & penalty with a full & final settlement of the disputed tax, if the scheme was opted and payment was made before March 31, 2020, now extended to December 31, 2020. If payment was made after the mentioned date additional 10% of the disputed amount was required to be paid. However, now no penalty of 10% to be paid till December 31, 2020.
For more information on Vivad se VIshwas scheme you can reach us at info@globaltax.org.in
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I DIDN’T FIND ANY CIRCULAR OR NOTIFICATION IN THIS RESPECT. EVEN IN IT DEPT’S PORTAL NOTHING IS MENTIONED. GETTING CONFUSED.
Kindly guide us whether we should file declaration now or after amendment in form as the last date is still 30.06.2020 at part cdef of online form. Also the Deptt. made recovery Feom our client’s bank Acctt u/s 226(3) but in part cdef there is required to give Bsr code and challan no. So how we should fill details of pmt already made agst appeal
Can you provide me at my email the notification/ordinance that extends the last date of Vivad Se Vishwas Scheme from 30-06-2020 to 31-12-2020? I shall be grateful to you.
Can you provide me at my email the notification/ordinance that extends the last date of Vivad Se Vishwas Scheme from 30-06-2020 to 31-12-2020? I shall be grateful to you.