Vivad se Vishwas Scheme deadline extended to benefit taxpayers

It’s a welcome opportunity for the taxpayers struggling to settle their tax disputes. The Government has extended the payment date under its ambitious tax settlement Vivad Se Vishwas Scheme from December 31, 2020 to March 31, 2021. A notification regarding this has been issued according to which tax payment without any additional amount can be made up to March 31, 2021. A step taken to provide relief to the taxpayers, the scheme Vivad Se Vishwas has been proved as highly beneficial for the taxpayers.

Dr. Ajay Bhushan Pandey, the Finance Secretary, while reviewing the progress of the Income Tax Department in the context of this scheme said that to facilitate the essential handholding, it is required to reach out to the taxpayers. The scheme aims at benefiting the taxpayers with instant disposal of their disputes without any further litigation cost and that too with facilitating monetary benefits through waiver of penalty, prosecution, and interest. Also attending the meeting, P.C. Mody, Chairman, Central Board of Direct Taxes emphasized upon carrying out actions like removing duplicate demands and disposing of pending rectifications, among others to reach at the final demand for each assessee.

It was finalized in the meeting to take a proactive approach to the implementation of the scheme. For this, it was decided to approach the taxpayers directly to guide and facilitate them while they file declaration and remove any problems or difficulties faced by them while availing the scheme. Moreover, it was decided to get a periodic review of the progress made by the scheme every fortnight.

Vivad se Vishwas Tak scheme was launched to achieve the objective of reducing the pending income tax litigation, providing peace of mind to the taxpayers, and generating timely revenue for the Government itself.