Deadline extended for settlement of old tax disputes
Deadline extended for settlement of old tax disputes. The government has given relief again by extended the deadline of “Vivad se Vishwas scheme” for settlement of old tax disputes.
What is “Vivad se Vishwas scheme” of government?
The “Vidas se Vishwas” scheme is a government scheme that aims to resolve pending disputes. In all courts, 4.83 lakh cases related to a direct tax of Rs 9.32 lakh crore are pending. Under this scheme, taxpayers will only have to pay the disputed tax amount. They will get a full rebate on interest and penalty.
Who can avail of the scheme?
The scheme benefits tax cases which were pending before the Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court. Pending appeals may relate to tax disputes, penalties, or interest. It may also be related to evaluation or reassessment.
What is the extended date of the “Vivad se Vishwas scheme” deadline for settlement of tax disputes?
The date of the “Vivad se Vishwas scheme” deadline has been extended till 31 December 2020.
How is this scheme helpful for settling tax disputes of taxpayers?
This scheme is helpful for taxpayers because taxpayers can settle their old tax dispute with the government at no extra charge. Finance Minister Nirmala Sitharaman and, Minister of State Finance Anurag Thakur announced it on Wednesday.
Both of them announced to increase the duration of the scheme, keeping the details of the economic packages announced by the Prime Minister on Tuesday.
What Announcement made for registered Companies?
In another announcement, the Finance Minister said that all pending refunds would be given soon to all charitable trusts, non-corporate businesses, professionals, LLP firms, including partnership firms Registered by taking Company Registration.
How long can the taxpayer take the “Vivad se Vishwas” scheme benefits for settlement tax disputes?
Thus, for the settlement of old pending tax disputes, the taxpayer will take the benefit of the “Vivad se Vishwas” scheme by 31 December 2020.
What announcement has been made by the Finance Minister to the taxpayers?
The Finance Minister give relief to the taxpayer by extending the date of due tax settlement, she said that taxpayers who want to settle the pending disputes under this scheme can now apply by 31 December 2020. For this, they will not have to pay any kind of fee separately.
How much refund has the government refunded till now to taxpayers?
Earlier, the government has already refunded taxpayers up to Rs 18,000 crore, up to Rs 5 lakh. This refund was given to 14 lakh taxpayers. The government has given relief for the taxpayer to extend the deadline for income tax return filing during the assessment year 2020-21 to 30 November 2020 on Wednesday.