Vivad se Vishwas Payment Date Extended by 3 Months

Last Updated at: Dec 22, 2020
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Vivad se Vishwas ITR Payment
The total amount of public sector tax disputes being settled under the Vivad Se Vishwas scheme alone is a massive ₹1,00,195 crore, as per recent reports. Till 17th November 2020, 45,855 requests have been received for settlement. The due date for filing requests was earlier extended till the end of December and companies have time till the end of March 2021 to make the payment without additional charges.

 

On 27th October 2020, the Government announced the extension of the deadline for making payment under the Vivad se Vishwas scheme by another 3 months. This was another welcome relief measure for the taxpayers facing hardships amidst the COVID-19 disruption. In a recent announcement on 24th October, the ITR filing deadline for the taxpayers has an extension for two more months.

Please note that the extension for the “Vivad se Vishwas” scheme was the 3rd such extension announced by the Government for the fiscal. This scheme was enacted on 17th March this year. This is to settle direct tax disputes in a smooth and hassle-free manner. The deadline for filing the declaration and making the payment is 31st March 2020.

However, on the pandemic situation, the deadline has the extension by 3 months to 30th June. Later, it was again extended till 31st December. Now, as per the latest notification on  27th October, the deadline has the extension. The extension is for the 3rd time, till 31st March 2021.

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Here is a catch though. The latest CBDT notification says taxpayers need to furnish the declaration under this scheme by 31st December 2020. Only for the declarations that provide the payment can complete by 31st March 2020, without any additional fee/penalty.

On 27th October, the Finance Secretary also reviewed the progress of the “Vivad se Vishwas” scheme through video conferencing. He asks the taxpayers to avail of this scheme as it should ensure instant disposal of direct tax disputes without any cost of litigation. This scheme also provides important monetary benefits such as waiver of interest, penalty, and prosecution. He also asked all the tax officials to adopt a proactive approach while implementing the scheme. He asked them to approach the taxpayers directly and extend all possible help in filing declarations. Further, removing other difficulties by the taxpayers. In the meeting, an action plan that has a discussion for the timely disposal of pending rectifications, removal of duplicate demands, and arriving at an accurate final demand for the assesses.