Government Extends Vivad se Vishwas Scheme Deadline Till 30th June
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.