Notification 9/2021 has extended due date for filing of application under Vivad se vishwas act, 2020 from 28.02.2021 to 31.03.2021 and due date for payment of tax without interest has been extended to 30.04.2021 from 31.03.2021.
Any payment of tax after 01.05.2021 shall be liable to payment of excess 10% interest over and above normal tax payment.
The above extension will be appreciated by many people as plenty of people have already taken its benefit and many are thinking to take it’s benefit.
Rs 95,000-cr disputed sum settled under ‘Vivad se Vishwas’: CBDT chairman
Vivad se vishwas is an Act or scheme announced by CBDT to reduce the ongoing proceedings under Income tax act wherein an assessee who has an appeal pending before any appellate authority on 31.01.2020 can apply under this scheme.
If the appeal is pending before appellate authority for other than penalty matters then in that case assessee can simply pay the tax amount and the amount of interest and penalty on same would be waived.
Similarly if the case pending before authority is for penalty issues then in that case assessee can pay penalty amount or in some cases pay 50% penalty.
Also, this scheme would provide an immunity from prosecution.
Further anything declared under the scheme cannot be adversely used against the assessee and proceedings of future years.
To read more about the scheme CLICK HERE.
If you are still in double mind of whether you should go for this scheme or not book a consultation with our experts and discuss your case.
To book consultation CLICK HERE.