In order to provide further relief to the taxpayers desirous of settling disputes under Vivad se Vishwas Scheme, The government on Tuesday extended the date for making payment without additional amount from December 31, 2020 to March 31, 2021.
Also, the last date for making declaration under the Scheme has been notified as December 31.
As per the notification No. 85/2020 dated 27th October, 2020 the declaration under the Vivad se Vishwas Scheme shall be required to be furnished by December 31, however, the payment without additional amount in respect of said declaration can now be made up to March 31, 2021.
The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 with the objective to reduce pending income tax litigation, generate timely revenue for the government and to benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.
In order to provide more time to taxpayers to settle disputes, earlier the date for filing declaration and making payment without additional amount under Vivad se Vishwas was extended from March 31, 2020 to June 30, 2020. Later again, this date was extended further to December 31, 2020.
CA Tarun Kumar Gupta