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.
CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021.
Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued.
Date for payment without additional amount under VSV extended to 30th April, 2021. pic.twitter.com/vRY0eNY4Bx
— Income Tax India (@IncomeTaxIndia) February 26, 2021
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