What is Vivad se Vishwas scheme
During the Union Budget 2020, The ‘Vivad Se Vishwas’ scheme was introduced. according to the scheme, taxpayers will have to pay only the disputed taxes amount and they would be given the waiver of interest and penalty if one decides to pay till 31st March 2020.
- Under this scheme, they will have to pay 10 per cent additional penalty and interest amount if they don’t pay by the deadline.
- The centre has taken a decision to continue the scheme till March 31st 2021. this move will help in providing further relief to the taxpayers.
- Finance Ministry extends the deadline for the third time. Before it, the last date of the end of the scheme was December 31st 2020.