Vivad se Vishwas scheme: While giving relief to taxpayers, the government has extended the deadline of the trust scheme till June 30 from the dispute.
Keeping in mind the Corona crisis, the government has made a big announcement for taxpayers. Due to the controversy over direct tax, the deadline of the trust scheme has now been extended till June 30, 2021. A statement has been issued by the Central Board of Direct Taxes i.e. CBDT stating that the deadline of Direct Tax Vivad se Vishwas Act, 2020 has been extended till June 30 keeping in mind the corona.
Taxpayers can take advantage of this scheme and file their old returns without penalty. Earlier, the last date for depositing tax without interest under the trust scheme from the dispute is 30 April 2021. On 17 March 2020, the Confidence Act, 2020 was enacted by direct dispute. In such a situation, if there is any old tax owed to you, then under this scheme you can collect tax without interest.
Govt extends certain timelines to 30.06.2021 where time limit was earlier extended to 30.04.2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020
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— Ministry of Finance (@FinMinIndia) April 24, 2021
Who can avail this scheme
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. The trust law came into force on March 17, 2020 from a direct tax dispute. Its objective is to provide an alternative to the concerned taxpayers for disposal of pending cases in various courts. The benefit of the trust scheme from the dispute can be taken with reference to the proceedings pending before the Income Tax Settlement Commission or the writ petition filed against the order of the ITSC.
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