‘Vivaad se Vishwaas’ scheme timeline one more time extended
Tax Exemption

With the onset of the second wave of COVID-19, when most states have implemented lockdown measures, CBDT has extended the timeline of the ‘Vivaad se Vishwaas’ scheme and some other compliances under the Income Tax Act till 30th June 2021. 

The Finance Ministry has extended the due date for the ‘Vivaad se Vishwas’ scheme six times, 30th April, the previous extended date. Hence, the taxpayers who have filed a declaration under the scheme will get extended two months to pay tax without any additional amount under this scheme. Please note that the extension is only for making payments under the scheme.

‘Direct tax Vivaad, se Vishwas’s scheme, was introduced in Finance Bill 2020 to reduce pending income tax litigation to allow the flow of trapped tax revenue of the government and also benefit the taxpayers. The government department had realised Rs.53,340 crore of revenue through this scheme till Feb 2020. Over 1.28 lakh declarations with a disputed amount of tax of Rs.98328 core have been filed.

Among the other compliances, assessment or re-assessment orders will also get an extended time limit for two more months until 30th June. This includes the time limit for passing orders under section 153 for assessment and 153B for passing orders for re-assessment, or the time limit of passing orders in response to direction from the dispute resolution panel.  

Further, the due date for re-opening of assessment for the incomes that have escaped the assessment under section 148 of the Income Tax Act has also been extended till 30th June.

The time limit for sending the intimation for equalisation levy has also been extended to 30th June 2021. 

The government had also extended the due date to link PAN-Aadhaar card from 31st March to 30th June 2021. 

Click to read the Press release.

For any clarifications/feedback on the topic, please contact the writer at jyoti.arora@cleartax.in

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