New Delhi: The authorities on Saturday prolonged the deadline for making cost underneath the direct tax dispute decision scheme Vivad Se Vishwas by two months until June 30 to ease hardships confronted by taxpayers amid the pandemic.
Also, it has prolonged the due date for issuance of discover for reopening of evaluation by tax officers the place revenue has escaped evaluation and sending intimation of processing of Equalisation Levy until June 30.
‘It has additionally been determined that point for cost of quantity payable underneath the Direct Tax Vivad se Vishwas Act, 2020, with out an extra quantity, shall be additional prolonged to thirtieth June 2021,’ Central Board of Direct Taxes (CBDT) mentioned in an announcement.
The deadline for submitting declaration underneath the scheme ended on March 31.
The Vivad Se Vishwas scheme offers for settlement of disputed tax, curiosity, penalty or charges in relation to an evaluation or reassessment order on cost of 100 per cent of the disputed tax and 25 per cent 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 underneath the Income-tax Act in respect of issues lined within the declaration.
CBDT mentioned it had obtained requests from taxpayers, tax consultants and different stakeholders to increase time barring dates in view of the extreme COVID-19 pandemic raging unabated throughout the nation.
‘In the sunshine of a number of representations obtained and to deal with the hardship being confronted by varied stakeholders, the Central Government has determined to increase the closing dates to June 30, 2021, within the following instances the place the time restrict was earlier prolonged to April 30, 2021, by way of varied notifications issued underneath the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020,’ CBDT mentioned.
The scheme had netted about Rs 54,000 crore to the exchequer until early April and extra is anticipated to come back in based mostly on the declarations already filed. The final date for making the cost has now been prolonged until June 30.
