Government Extends Vivad se Vishwas Scheme Deadline Till 30th June

26 April 2021 Current Affairs:The authorities have as soon as again extended the cut-off date for making payment below the direct tax dispute contract scheme ‘Vivad Se Vishwas’ via two months until June 30, 2021, to supply alleviation to the taxpayers facing hardships amid the pandemic. This is the fourth time that the cut-off date is being extended by the Ministry of Finance when you consider that the launch of the scheme. The closing date was extended for the first time from March 31, 2020, to June 30, 2020, observed via December 31, 2020, and then again till March 31, 2021.

Vivad Se Vishwas scheme:
♦ The ‘Vivad Se Vishwas’ scheme used to be introduced in the Union Budget 2020, as per which a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of activity and penalty provided he will pay by means of 31st March 2020.
♦ Those who avail of this scheme after 31st March 2020 will have to pay a 10% extra penalty and pastime amount.
♦ The scheme presents for the contract of disputed tax, interest, penalty or fees in relation to an evaluation or reassessment order on the fee of 100 % of the disputed tax and 25 % of the disputed penalty or pastime or fee.
♦ The taxpayer got immunity from interest levy, penalty and institution of any intending for prosecution for any offence under the Income-tax Act in admire of matters included in the declaration.

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