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Deadline for making a declaration under Vivad Se Vishwas Scheme extended by FM

1. The Ministry of Finance has extended the deadline for making a declaration under Vivad Se Vishwas Scheme till 31′ January 2021 from 31st December 2020. The date for the passing of orders under Vivad Se Vishwas Scheme, which are required to be passed by 30th January 2021 has been extended to 31st January 2021.

2. The date for the passing of order or issuance of notice by the authorities under the Direct Taxes & Benami Acts which are required to be passed/ issued/ made by 30th March 2021 has also been extended to 31st March 2021.

3. The Vivad se Vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020. Given below are all the aspects you have to know about this amnesty scheme:

a) Under this scheme, taxpayers whose tax demands are locked in dispute in multiple forums, can pay due to taxes by March 31, 2020, and get a complete waiver of interest and penalty.

b) If a taxpayer is not able to pay within the deadline, he gets a further time till June 30, but in that case, he would have to pay 10% more on the tax.

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