FinMin extends deadline for making payments under Vivad se Vishwas scheme till September 30

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August 29, 2021 4:12 PM

Earlier this month, Minister of State for Finance Pankaj Chaudhary informed Parliament that over 1.32 lakh declarations entailing disputed tax of Rs 99,765 crore has been filed under the scheme.

Please note that debt mutual funds are categorized as long term if held for a period more than 36 months, whereas equity-oriented funds are considered as long term if held for a period more than 12 months.Please note that debt mutual funds are categorized as long term if held for a period more than 36 months, whereas equity-oriented funds are considered as long term if held for a period more than 12 months.

The government on Sunday extended by a month the deadline for making payments under the direct tax dispute resolution scheme Vivad Se Vishwas till September 30.

The scheme provides for settlement of disputed tax, interest, penalty or fees in relation to an assessment or reassessment order on payment of 100 per cent of the disputed tax and 25 per cent of the disputed penalty or interest or fee. The taxpayer is granted immunity from levy of interest, penalty and institution of any proceeding for prosecution for any offence under the Income Tax Act in respect of matters covered in the declaration.

In a statement, the finance ministry said, “Considering the difficulties being faced in issuing and amending Form no 3, which is a prerequisite for making payment by the declarant under Vivad se Vishwas Act, it has been decided to extend the last date of payment of the amount (without any additional amount) to September 30, 2021”.

The ministry had in June extended the deadline for making payments under the scheme till August 31. However, taxpayers have the option to make payments till October 31, with an additional amount of interest.

“It is, however, clarified that there is no proposal to change the last date for payment of the amount (with additional amount) under Vivad se Vishwas Act, which remains as October 31, 2021,” the ministry said on Sunday.

Earlier this month, Minister of State for Finance Pankaj Chaudhary informed Parliament that over 1.32 lakh declarations entailing disputed tax of Rs 99,765 crore has been filed under the scheme. The last date for making a declaration under the scheme was March 31, 2021.

Payments of Rs 53,684 crore have been received by the government against disputed tax till August 9, and more is expected to come in based on the declarations already filed.

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