In view of the increasing cases of coronaviruses, the government has made a big announcement for taxpayers. The government extended the deadline for payment under the Vivad se Vishwas scheme from two months to 30 June by direct tax dispute.
Know what is the dispute from trust scheme?
This plan was announced in the budget speech of February 2020 by Union Finance Minister Nirmala Sitharaman. Under this scheme, those taxpayers who have made their announcements by 31 March, those taxpayers will get exemption from interest and penalty for depositing the full amount of tax by 30 April. Under this scheme, there is a target of disposal of 4.83 lakh direct tax cases worth 9.32 lakh crore rupees. These cases are pending in various appellate forums such as Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Courts and Supreme Courts.
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
Who can take advantage of the scheme?
Till 31 January 2020, the scheme will be applicable on the cases of tax which were pending before the Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court. Let us tell you that any pending cases can be related to tax, dispute, penalty and interest.