Big relief for taxpayers, deadline for ‘Dispute to Confidence’ scheme extended, tackle tax-related matters by 31 March

The last date of ‘Vivad Se Vishwas’ scheme has been extended once again. Now taxpayers can settle tax related disputes from 31 December 2020 till 31 March 2021.

New Delhi: The central government has given big relief to taxpayers. The last date of ‘Vivad Se Vishwas’ scheme, which was started to resolve the dispute related to income tax, has been extended once again. Now taxpayers can settle tax related disputes from 31 December 2020 till 31 March 2021. The purpose of bringing this scheme is to resolve the pending disputes. In all the courts, 4.83 lakh cases involving direct tax of Rs 9.32 lakh crore are pending. Under this scheme, taxpayers will have to pay only the disputed tax amount. They will get full rebate on interest and penalty.

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Extended date to give relief to taxpayers

According to the official statement, ‘This step has been taken to provide further relief to the taxpayers who deal with matters related to tax under the trust scheme. On Tuesday, the government has extended the deadline for payment without any additional amount from 31 December 2020 to 31 March 2021. However, this payment can be made only with reference to the announcement made ‘

Finance Secretary did a video conference

Finance Secretary Ajay Bhushan Pandey reviewed the dispute through video conferencing on the tax settlement made so far under the trust scheme. The CBDT chairman and other board members and the Principal Chief Commissioner of Income Tax were present on the occasion. Pandey said that this scheme is for the benefit and convenience of the taxpayers as they can resolve the disputes immediately.

Date has been increased even before

Let us tell you that even before that, in May, the last date for ITR to be filled for the financial year 2019-20 was extended to 30 November. Apart from this, the benefit of the trust scheme from the dispute was also extended till 31 December 2020 without additional charge.

What is this scheme?

The purpose of this scheme is to resolve pending disputes. Under this scheme, taxpayers will only have to pay the disputed tax amount. They will get full rebate on interest and penalty.

Who can take advantage of the scheme?

According to the bill, the scheme will apply to cases of tax which were pending till 31 January 2020 in the Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court. Pending appeals may be related to tax disputes, penalties or interest. It can also be related to assessment or re-assessment.

 

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