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