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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

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