Defaulters must settle dues within 15 days of agreeing on amount under VSVS - CBDT
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India’s direct taxes body has clarified that defaulters need to settle their tax dues within 15 days from the time the disputed amount is mutually agreed upon, under its dispute settlement mechanism that has now been extended till June 30.
Not only that, after they are issued what is known as Form 3 for payment of arrears, taxpayers will also have to inform tax authorities that they have paid up, the Central Board of Direct Taxes said in a set of frequently asked questions.
The Vivaad Se Vishwas scheme is a no interest - no penalty window that was supposed to end on March 31 but has since been extended in light of lockdowns and disruptions due to the Covid-19 outbreak.
Earlier, there was confusion over whether the duration to settle the dues was 15 days or one month. The latest FAQ has put to rest speculation over the window of settlement.
In a second set of clarifications, the direct taxes body has also clarified that taxpayers can settle the disputed amount even before filing what is known as Form 1. #casansaar (Source - ET Bureau, Economic Times)
Not only that, after they are issued what is known as Form 3 for payment of arrears, taxpayers will also have to inform tax authorities that they have paid up, the Central Board of Direct Taxes said in a set of frequently asked questions.
The Vivaad Se Vishwas scheme is a no interest - no penalty window that was supposed to end on March 31 but has since been extended in light of lockdowns and disruptions due to the Covid-19 outbreak.
Earlier, there was confusion over whether the duration to settle the dues was 15 days or one month. The latest FAQ has put to rest speculation over the window of settlement.
In a second set of clarifications, the direct taxes body has also clarified that taxpayers can settle the disputed amount even before filing what is known as Form 1. #casansaar (Source - ET Bureau, Economic Times)
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