CBDT again extends Deadline for filing declaration under ‘Vivad Se Vishwas’ Scheme [Read Notification]

Vivad Se Vishwas Scheme - CBDT - Income Tax Department - Amnesty Scheme - VSVS Extended - Taxscan

The Central Board of Direct Taxes ( CBDT ) has again extended the Deadline for filing declaration under ‘Vivad Se Vishwas’ scheme till 31 March, 2021, and the due date for payment without additional amount under VSV extended to 30th April, 2021.

As per a CBDT’s notification, the date for payment of tax without additional interest under VSV remains unchanged at 30 April, 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,” the Income Tax department said in a tweet late Friday.

As many as 1,25,144 cases have so far opted for the Vivad se Vishwas (VsV) Scheme, which is 24.5 per cent of the 5,10,491 cases that were pending at different legal fora. About Rs 97,000 crore worth disputed tax has opted for resolution under the scheme. Earlier also the government had extended the due date for filing declaration under Vivad Se Vishwas Scheme extended to 31st January 2021 and 28th February.

Under this scheme, taxpayers whose tax demands are locked in dispute in multiple forums, can pay due to taxes by March 31, 2020, and get a complete waiver of interest and penalty. If a taxpayer is not able to pay within the deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax.

The Vivad se Vishwas scheme is similar to the ‘Indirect Tax, Sabka Vishwas’ scheme, which was introduced by Finance Minister during her maiden budget presentation in July 2019. The “Sabka Vishwas” legacy dispute resolution scheme was aimed at reducing disputes related to excise and service tax payments.

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