Time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.
The government has extended certain timelines in light of the raging pandemic. It has decided that time for payment of amount payable under the Direct Tax Vivad se Vishwas Act, 2020, without an additional amount, shall be further extended to 30th June, 2021.
In view of the severe Covid-19 pandemic raging unabated across the country affecting the lives of our people, and in view of requests received from taxpayers, tax consultants & other stakeholders that various time barring dates, which were earlier extended to 30th April, 2021 by various notifications, as well as under the Direct Tax Vivad se Vishwas Act, 2020, may be further extended, the Government has extended certain timelines today.
The Central Government has decided to extend the time limits to 30th June, 2021 in the following cases where the time limit was earlier extended to 30th, April 2021 through various notifications issued under the Taxation and Other Laws (Relaxation) and Amendment of Certain Provisions Act, 2020, namely:-
(i) Time limit for passing of any order for assessment or reassessment under the Income-tax Act, 1961(hereinafter called 'the Act' ) the time limit for which is provided under section 153 or section 153B thereof;
(ii) Time limit for passing an order consequent to direction of DRP under sub-section (13) of section 144C of the Act;
(iii) Time limit for issuance of notice under section 148 of the Act for reopening the assessment where income has escaped assessment;
(iv) Time Limit for sending intimation of processing of Equalisation Levy under sub-section (1) of section 168 of the Finance Act 2016.
Notifications to extend the above dates shall be issued in due course, the Press Information Bureau (PIB) notice said.
In February, the Central Board of Direct Taxes (CBDT) had extended the due date for filing declaration under the 'Vivad Se Vishwas' (VSV) scheme till 31 March, 2021.
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 to benefit taxpayers.
Replying to a query in the Lok Sabha, Minister of State for Finance Anurag Singh Thakur had informed the Parliament that the government realised ₹53,346 crore through direct tax dispute resolution scheme "Vivad Se Vishwas" till February 22. The minister said over 1.28 lakh declarations have been filed under the scheme involving a disputed tax of ₹98,328 crore. And out of this, the government has received ₹53,346 crore as payments against disputed tax.
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