This Income Tax scheme has ended, confirms I-T department

The deadline for filing declaration under the direct tax dispute resolution scheme 'Vivad se Vishwas' ended on Wednesday. The Income-Tax Department had last month extended the last date for filing declaration and making payment under the scheme till March 31 and April 30, respectively.

The earlier deadlines were February 28 and March 31 in the same order.

In a written reply to Lok Sabha, Minister of State for Finance Anurag Singh Thakur had earlier this month said over 1.28 lakh declarations were filed under the scheme till February 22 involving disputed tax of Rs 98,328 crore.

Of this, Rs 53,346 crore has been received as payments against disputed tax.

This include Rs 27,720 crore worth payments made by the central PSUs, Rs 1,023 crore by state PSUs, and Rs 24,603 crore by others.

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

The Direct Tax Vivad se Vishwas Act, 2020 was enacted on March 17, 2020 to settle direct tax disputes locked up in various appellate forums.