Latest Extended Due Date
The deadline for filing declaration under the direct tax dispute resolution scheme ‘Vivad se Vishwas’ is extended to 30th June 2021.
What is Vivad Se Vishwas?
The Vivad Se Vishwas 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.
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.
CBDT said it had received requests from taxpayers, tax consultants, and other stakeholders to extend time-barring dates in view of the severe COVID-19 pandemic raging unabated across the country.
Steps to File a Declaration under Vivad Se Vishwas
- Login to the Income Tax Portal
Firstly, login to the portal and click on the Vivad se Vishwas option.
- Prepare and Submit DTVSV Form
Select the year and the filing type.
- Fill out the Form
Firstly, fill Form-1 correctly.
Fill Form-2 as a final submission.
File the required documents properly. File them with DSC or EVC accordingly.
It has been clarified in the CBDT Circular that, the Declaration in Form 1 can be revised any number of times, before the Designated Authority i.e. the PCCIT issues a Certificate of final tax amount payable under the Vivad se Vishwas Scheme.
The Central Board of Direct Taxes (CBDT) on Friday further extended the due date for filing declaration under the ‘Vivad Se Vishwas’ (VSV) scheme till 31st June 2021.