Govt declares huge reduction to taxpayers! Fee date for Vivad se Vishwas Scheme prolonged – All you should know | Private Finance Information

Govt announces big relief to taxpayers! Payment date for Vivad se Vishwas Scheme extended – All you need to know

New Delhi: The federal government in a bid to supply additional reduction to the taxpayers has prolonged the fee date for Vivad se Vishwas Scheme.

With a view to present additional reduction to the taxpayers desirous of settling disputes below Vivad se Vishwas Scheme, the Authorities has additional prolonged the date for making fee with out further quantity from December 31, 2020 to March 31, 2021. The final date for making declaration below the Scheme has additionally been notified as December 31, 2020.

As per the notification issued immediately, the declaration below the Vivad se Vishwas Scheme shall be required to be furnished newest by December 31, 2020, nonetheless, solely in respect of stated declarations made by December 31, 2020 the fee with out further quantity can now be made as much as March 31, 2021.

Finance Secretary Ajay Bhushan Pandey has additionally reviewed the progress made to this point by the Revenue Tax Division on Vivad se Vishwas Scheme in a excessive stage assembly via video conferencing together with CBDT Chairman and Board members with all Principal Chief Commissioners of Revenue Tax throughout the nation to expedite the Scheme which, he stated, is extremely helpful to the taxpayers, including additional that “We have to advance the Vivad se Vishwas Scheme with higher persuasion and perseverance and should attain out to the taxpayers to facilitate all needed handholding.”

Within the assembly, strategies and feedback of the Discipline Officers had been additionally mentioned concerning the motion plan for profitable implementation of the Scheme in a time sure method.

Within the assembly, CBDT Chairman PC Mody talked about the significance of cleansing up of demand for facilitating and persuading the taxpayers for submitting declarations below the Scheme. He emphasised on Pr. Chief Commissioners of Revenue Tax to hold out all doable actions corresponding to disposing pending rectifications, giving pending attraction results, eradicating duplicate calls for, and so on. in order to reach at a closing demand for every assessee in order that each time a taxpayer recordsdata Type 1 or 2 below the Vivad se Vishwas Scheme, the Pr. Commissioner of Revenue Tax involved is able to challenge Type 3 promptly.

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It was additionally determined within the assembly to undertake a proactive method for implementation of the Scheme by approaching taxpayers straight, guiding and facilitating them in submitting of declarations and eradicating any difficulties or issues confronted by them in availing the Scheme. It was additional determined to have periodic evaluate of the progress of the Scheme each fortnight.

The Direct Tax Vivad se Vishwas Act, 2020 was enacted on seventeenth March, 2020 with the target to cut back pending revenue tax litigation, generate well timed income for the Authorities and to learn taxpayers by offering them peace of thoughts, certainty and financial savings on account of time and assets that may in any other case be spent on the long-drawn and vexatious litigation course of.

With a view to present extra time to taxpayers to settle disputes, earlier the date for submitting declaration and making fee with out further quantity below Vivad se Vishwas was prolonged from March 31, 2020 to June 30, 2020. Later once more, this date was prolonged additional to December 31, 2020.

Due to this fact, earlier each the declaration and the fee with out further quantity below the Vivad se Vishwas had been required to be made by December 31, 2020.