Vivad Se Vishwas Scheme 2020: Finance Minister announced ITRI deadline for FY 2019-20 extended to Nov 30, 2020

Vivad Se Vishwas Scheme 2020: In the press conference today, Finance Minister Nirmala Sitharaman declared various direct tax-related initiatives. In addition, the date on which payments under the Vivad se Vishwas scheme income tax were made without interest and penalty was extended to 31 December 2020. This is the Scheme's second extension. Earlier in the 24 March 2020 press conference the government announced the extension of the Vivad Se Vishwas Scheme to 30 June 2020.

Updated: May 13, 2020 19:00 IST

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Niranjani Jesentha Kumari P

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Vivad se Vishwas Scheme income tax

The income tax return filing deadline for FY 2019-20 has been extended from July 31, 2020, to November 30th, 2020 according to the announcements. 'The due date for all FY 2019-20 income-tax returns will be extended from 31 July 2020 and 31 October 2020 to 30 November 2020 and from 30 September 2020 to 31 October 2020,' stated the Finance Minister.

This is a much-needed relief for taxpayers as the government has already extended the deadline for receiving the Form-16 from June 10, 2020, to June 30, 2020, through a March 31, 2020, Ordinance. The extension has given the individual taxpayers only one month to file their tax returns before the deadline i.e. 31th July, 2020. In addition, the date on which payments under the Vivad se Vishwas scheme were made without interest and penalty was extended to 31 December 2020. This is the Scheme's second extension. Earlier in the 24 March 2020 press conference the government announced the extension of the Vivad Se Vishwas Scheme to 30 June 2020.

In Budget 2020, the Vivad se Vishwas Scheme was announced to enable a one-time settlement of tax dispute between the tax department and the citizen. The settlement can be made without paying any fines and interest on the value of the tax dispute.

Check out BJP tweet on Vivad se Vishwas Scheme income tax: