Direct tax amnesty extended till March
The government on Tuesday extended for the third time the deadline for making payments under the direct tax dispute settlement scheme ‘Vivad Se Vishwas’ by three months to March 31, 2021.
Under a notification of the Central Board of Direct Taxes (CBDT), the declaration under the Vivad se Vishwas Scheme shall be required to be furnished latest by December 31, 2020. However, only in respect of the said declarations, the payment without additional amount can now be made up to March 31, 2021.
Finance secretary Ajay Bhushan Pandey on Tuesday reviewed the progress made so far by the Income Tax Department on Vivad se Vishwas through video conferencing along with CBDT chairman and board members and all the principal chief commissioners of income tax across the country to expedite the scheme.
“This is a scheme for the benefit and convenience of the taxpayers as they would get instant disposal of the dispute with no further cost of litigation besides monetary benefits in the form of waiver of penalty, interest and prosecution,” Pandey said.
In the meeting, CBDT chairman P.C. Mody asked the principal chief commissioners of income tax to carry out all possible actions such as disposing pending rectifications, giving pending appeal effects and removing duplicate demands so as to arrive at a final demand for each assessee.