Government Extends 'Vivad se Vishwas' scheme

#Economics #Yoana

✅The government has once again extended the deadline for making payment under the direct tax dispute settlement scheme 'Vivid Se Vishwas' by two months till June 30, 2021 , to provide relief to the taxpayers facing hardships amid the pandemic

✅This is the fourth time that the deadline is being extended by the Ministry of Finance, since the Launch of the scheme

✅The 'Vivid Se Vishwas' scheme was announced in the Union Budget 2020, as per which a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty provided he pays by 31 st March 2020

✅Those who avail of this scheme after 31st March 2020 will have to pay 10% additional penalty and interest amount.

✅The scheme provides for settlement of disputed tax, interest, penalty, or fees in relation to an assessment or reassessment order on payment of 100 % of the disputed tax and 25 % of the disputed penalty or interest or fee.