EPF interest taxation: Here’s how TDS will be calculated on interest earned on contribution beyond Rs 2.5 lakh

The deadline for filing declarations under the

‘Vivad Se Vishwas’ (VSV) scheme has been extended by the Central Board of Direct Taxes (CBDT) until March 31, 2021.

Using Twitter as the platform, “CBDT further extends the date for filing of declarations under the #VivadSeVishwas Act, 2020 to 31st March, 2021. Notification no. 09/2021 in S.O. 964(E) dated 26/02/2021 issued. Date for payment without additional amount under VSV extended to 30th April, 2021.” the Income Tax department said on Friday.

On March 17, 2020, the Direct Tax ‘Vivad se Vishwas’ Act, 2020 was enacted with the intention of reducing pending income tax litigation, generating timely revenue for the government and benefiting taxpayers.

In respect of matters covered by the declaration, the taxpayer is given immunity from the levy of interest, penalty and institution of any proceeding for the prosecution of any crime under the Income-Tax Act.

The scheme provides for the settlement, in relation to an assessment or reassessment order, of the disputed tax, the disputed benefit, the disputed penalty or the disputed charge of 100% of the disputed tax and 25% of the disputed penalty or interest or fee, respectively.

The Prime Minister said, referring to the launch of the Taxpayers Charter, that it is an essential step where the taxpayer is now assured of reasonable, courteous and rational behaviour. In reference to the Faceless method, he said that in all matters of scrutiny, notification, survey or evaluation, there is no need for direct interaction between the taxpayer and the income tax officer.

So far, as many as 1,25,144 cases have applied for the Vivad se Vishwas (VsV) programme, which is 24.5% of the 5,10,491 cases pending in various legal forums.

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