The government extended the deadline for Vivad se Vishwas scheme: Current Affairs Special Series

Team Adda247 and BankersAdda are here with a Current Affairs Special Series for SBI and IBPS interview 2021.  In this series, candidates will be introduced to current affairs topics daily, which will not only improve their general awareness but also will ensure that the candidates do not lack if any current affairs topic is asked in the interview. Today’s Current Affairs topic is The government extended the deadline for Vivad se Vishwas scheme.

The government extended the deadline for Vivad se Vishwas scheme

The government has extended the deadline which is going to be completed for making payments under the Direct Tax Vivad Se Vishwas dispute resolution scheme and some compliances under the Income Tax Act,1961; but now it is extended by 2 months till 30th June 2021 in view of the second wave of Covid-19 raging across India.

Vivad Se Vishwas Scheme: It is a scheme which is launched by the government of India on 17th March 2020 to reduce the pending income tax litigation and generate timely revenue for the government and giving benefits to taxpayers by providing information and resources.

According to the Finance Ministry statement given the severe Covid-19 pandemic across the country affecting the lives of our people… various time-barring dates, which were earlier extended to 30th April 2021 are now extended by two more months under the Direct Tax Vivad Se Vishwas Act, 2020.

These include the time limitation for passing orders for assessment and reassessment under section 153 and 153B of the Income tax act,1961. The deadline has also been extended for reopening assessment on income that escaped assessment under section 148 till June 30, along with time limit for sending intimation of processing of equalization levy.

Equalisation Levy: Equalisation levy means the tax which is levied on consideration received or receivable for any specified service. (E-Commerce supply or services)