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Income Tax Deadline Vivad Se Vishwas Scheme

Income Tax deadline under Vivad se Vishwas scheme extended for 2 months: Payment without curiosity extension beneath the Vivad se Vishwas Scheme has been granted for 2 months from June 30 to August 31. 

Income Tax Deadline Vivad Se Vishwas Scheme

New Delhi: Minister of State for Finance Anurag Thakur on Friday (June 25) introduced a slew of measures for alleviating earnings tax compliance throughout the struggle in opposition to COVID-19 and extra reduction measures for taxpayers. The minister instructed ANI that for the Vivad see Vishwas Scheme, a cost without curiosity extension has been granted for 2 months from June 30 to August 31. He additionally stated that the final date for linking the PAN card and the Aadhaar card has been prolonged from June 30 to September 30.

The authorities had earlier prolonged the deadline for making costs beneath this direct tax dispute decision scheme by two months until June 30. "Closing the scheme in the next two months with interest by October 31," Thakur stated.

He stated an extension of three months has been granted for a tax deduction for individuals investing in residential homes. "Another relief to the income taxpayers is time to invest in a residential house. For tax deduction extension for more than three months, the investment required to be made on or after April 1, can now be made up to September 30. So there is an extension of three months," he instructed ANI

The minister introduced that the time restriction for numerous compliances is prolonged by 15 days to 2 months or extra. "For filing Tax deduction at source (TDS) statements, time limit extended from June 30 to July 15. For issuing tax deduction certificates, from July 15 to July 31. For filing foreign remittance certificate, from July 15 to July 31.

For the equalization levy, the extension has been given from June 30 to July 31. Extension for uploading of forms of no TDS claims cases is from July 15 to August 31."Objection to dispute decision panel from June 1 to August 31 and the choice to withdraw instances from settlement fee from June 27 to July 31," the Minister said.

The minister also announced tax concessions to strengthen the fight against COVID-19 and said the amount paid for medical treatment to an employee by the employer or to a person by any person on account of coronavirus for 2019-20 and subsequent year won`t be taxed in hands of an employee or the beneficiary.

The minister announced measures related to tax concessions for payment towards COVID treatment and death. Thakur told ANI that Ex-gratia payment by the employer to an employee`s family or by any person to any other person`s family on the death of an employee or any other person on account of COVID-19 for 2019-20 or subsequent year will be tax exempted. Ex-gratia from any other person has been restricted to Rs 10 lakh. 

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