Sign In
Learn bits
Economy, Schemes & Policies
Pradeep Kumar

30/08/21 09:00 AM IST

Vivad se Vishwas deadline for payment extended

In news

Central Board of Direct Taxes (CBDT) has extended the deadline for making payments without additional amount under the Vivad se Vishwas scheme by a month till September 30. The deadline was originally scheduled to expire on August 31, 2021.

Details
  • The Direct Tax ‘Vivad se Vishwas’ Act, 2020 was enacted on March 17, 2020, with the objective to reduce pending income tax litigation, generate timely revenue for the government and benefit taxpayers.
  • The scheme not only provides an opportunity for taxpayers to evaluate all open litigations, but also a way to minimise final payout.
  • Taxpayers can avail significant leverage on the waiver of interest and penalty being offered under the scheme.
  • It may be beneficial for taxpayers to settle certain litigation matters such as one-time litigation cases, or cases where documentary evidence is lacking, cases where interest liability would be higher than the disputed tax, or cases where having duplicating tax impact (eg: litigation under section 40(a)(i) of the Act and litigation under section 201 of the Act) or cases pertaining to loss making companies where the losses are lapsing.
Source: PIB

More Related Current Affairs View All

05 Mar

First-ever comprehensive survey of India’s river dolphins

'Prime Minister Narendra Modi released the results of the first-ever comprehensive population estimation of riverine dolphins – Gangetic and Indus dolphins – done in In

Read More

05 Mar

Arresting women at night

'The Madurai Bench of the Madras High Court in Deepa versus S. Vijayalakshmi and Others ruled that the legal provision in the Bharatiya Nagarik Suraksha Sanhita (BNSS), 2023, which

Read More

05 Mar

Digital Personal Data Protection Act, 2023

'The Ministry of Electronics and Information Technology (MeitY) looking to wrap up public consultations on the draft Rules for the Digital Personal Data Protection Act, 2023 by Mar

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps