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Vivad Se Vishwas Scheme: Government gives big relief to taxpayers, now it will be able to pay arrears by March

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new Delhi. The government runs a ‘Vivad Se Vishwas’ scheme to settle the issues related to clearing previous tax related payments. Under this, taxpayers have to pay arrears up to a specified time limit. In view of the Corona crisis, the government has extended its deadline to 31 March 2021, giving great relief to taxpayers. This will give taxpayers some more months’ time for payment. This information was given by issuing a notification on behalf of the Central Board of Direct Taxes (CBDT).

Earlier, the government had extended the date twice. Under which taxpayers were granted till 31 December 2020 to settle tax related disputes. The government has taken this step to provide further relief to taxpayers desirous of settling cases under the trust scheme. Under this scheme, taxpayers will only have to pay the disputed tax amount. They will get full rebate on interest and penalty.

What is plan
The ‘Dispute to Confidence’ scheme is designed for the benefit and convenience of taxpayers. Through this, instant tax related disputes will be settled. It will also save the cost of litigation. Under this scheme, taxpayers will not be bothered to pay any additional penalty, interest. They will get monetary benefits. The scheme was implemented on March 17, 2020. The payment deadline was first extended from March 31, 2020 to June 30, 2020 to provide relief to taxpayers. This was later extended to 31 December 2020.

Who can take advantage of the scheme
Cases which were pending before the Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court, such tax cases can be settled under this scheme. However, these will be applicable to cases up to 31 January 2020. Pending appeals may be related to tax disputes, penalties or interest, assessment, or re-assessment.

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