Big relief to taxpayers! Deadline for payment up to 31 March under ‘Dispute to Confidence’ scheme

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ITR Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know the rules
ITR Alert! You have only 10 days left, file income tax return immediately or else you will have to pay double TDS, know the rules

New Delhi. The Income Tax Department has extended the deadline for giving details under ‘Vivad se Vishwas’ to March 31 for settlement of matters related to direct tax. Apart from this, the last date for depositing fees under the scheme has also been increased to 30 March. The Income Tax Department has said in its post on Twitter that the CBDT has extended the deadline for announcing the dispute under the trust law from March 31, 2020. The deadline for payment without additional amount has been extended to 30 April 2021.

1,25144 cases disposed of so far

The deadline for making declarations under this scheme was 28 February while the deadline for payment of disputed tax amount was 31 March. The units have so far opted out of the dispute-to-trust scheme for the disposal of 1,25,144 cases. This is 24.5 percent of the 5,10,491 cases pending in various legal forums. This scheme has been selected in cases of disputed tax worth about 97,000 crore rupees.

Option to dispose of disputed charges

Dispute to trust scheme provides an option for settlement of disputed tax, disputed interest, disputed penalty or disputed fee in the context of assessment. Under this, pending cases can be settled by paying 100 percent of the disputed tax and 25 percent of the disputed penalty or interest or fee.

What happens from conflict to trust scheme

The scheme started on 17 March 2020. With the controversy, the trust scheme has been started by the central government. This is the plan of the Ministry of Finance. The main objective of this scheme is to rid the people of the tax dispute. People should not fall in the mess of court, and take advantage of this scheme and settle the tax related dispute. More than 4 lakh cases related to direct tax in the country are pending in the court. This scheme is effective to deal with it. In this, the taxpayers only have to pay the disputed tax amount. The government is exempted from interest and penalties.

 

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