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CBDT: ISSUE AN EXPLANATION IN RESPECT OF DIRECT TAX VIVAD SE VISHWAS ACT, 2020.
Central Board of Direct Taxation through the Circular at the end of October 2020 issued an Explanation in respect of DIRECT TAX VIVAD SE VISHWAS ACT, 2020. Under the current section 5(2) of the Vivad se Vishwas Act, the declarant is expected to pay the sum within 15 days of receipt of the certificate from the specified authority. It is hereby confirmed that where the declarant files a statement under Vivad se Vishwas on or before 31 December 2020, the appointed authority, at the time of issue of the certificate, shall allow the declarant to make compensation without extra payment on or before 31 March 2021.
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Govt Extended following timelines vide Press Release dtd.24-04-21:
- The Vivad se Viswas till 30-Jun-2021
- The time limit for passing order consequent to the direction of DRP u/s 144C(13) till 30-Jun-2021
- The Time limit to issue notice u/s 148 extended to 30-06-2021
- The Time-limit for sending intimation of processing of equalisaion levy u/s 168(1) till 30-Jun-3021.
- The Time limit for passing order u/s 153 or 153B (Assessment or Reassessment) till 30-Jun-2021
CBDT Issues New Order Under Direct Tax Vivad se Vishwas Act for Late Tax Payments
Order under Section 10 of the Direct Tax Vivad se Vishwas Act, 2020: To address the difficulties faced by Income Tax taxpayers and to facilitate the collection of revenue, the CBDT, in exercise of the powers conferred u/s 10(2) of the Direct Tax Vivad se Vishwas (DTVsV) Act, hereby directs that the delayed payment of requisite taxes in cases fulfilling the following conditions may be accepted under the DTVsV Act:
Condition Fulfillment by Taxpyer : The cases must meet specific conditions as outlined by the CBDT. Extension of Payment Deadline: Taxpayers facing genuine difficulties can make delayed payments without being penalized, provided their cases fall under the stipulated conditions. This directive aims to ease the compliance burden on taxpayers and ensure smoother collection of due taxes. The primary goal is to aid in the collection of revenue while accommodating the challenges faced by taxpayers.
Taxpayers who fulfill these conditions are encouraged to make the requisite payments promptly to benefit from this provision under the DTVsV Act. For detailed conditions and further guidance, taxpayers should refer to the specific guidelines issued by the Central Board of Direct Taxes .
