Connect with us

Trending

Relief to taxpayers, Finance Ministry made these announcements

Published

on

Relief to taxpayers
0 0
Read Time:2 Minute, 16 Second

The Finance Ministry has given many Relief to taxpayers. These reliefs are related to GST, dispute to confidence and remittance etc. The ministry has made announcements about them on Sunday. The government has to give these reliefs because of the problems faced in the new website of the Income Tax Department.

The date of Vivad Se Vishwas Scheme extended: The government has extended the date of payment under the direct tax resolution scheme ‘Vivad Se Vishwas Scheme’ by one month to 30 September. Under this scheme, disputed tax, interest, penalty and fee matters are resolved. In an assessment or reassessment order, the matter is settled after payment of 100% of disputed tax and 25% of disputed fine or interest or fee.

Finance Ministry
Image Source- Google | Image By- Informalnewz

In this, apart from exemption of interest, penalty, the taxpayer also gets exemption from any prosecution i.e. legal action under the Income Tax Act. The Finance Ministry said in a statement that in view of the difficulties being faced in issuing and revising Form 3, it has been decided to extend the date of payment till September 30, 2021. Form 3 is required for payment under Vivad se Vishwas.

This Relief to taxpayers on GST: The Finance Ministry has extended the last date for availing the benefit of GST waiver scheme by three months to 30 November. Under the scheme, taxpayers will have to pay a reduced fee for delay in filing monthly returns.

Finance Ministry
Image Source- Google | Image By- janta se rishta

 The GST Council, headed by Finance Minister Nirmala Sitharaman, in May decided to bring in a waiver scheme to provide late fee relief to taxpayers for pending returns. Late fee for non-filing of GSTR-3B for July 2017 to April 2021 has been capped at Rs 500 per return for taxpayers who do not have any tax liability. Whereas for those with tax liability, a maximum late fee of Rs 1,000 per return will be charged, provided such returns have been filed by August 31, 2021.

Finance Ministry
Image Source- Google | Image By- Business Standard

Exemption on remittances: The Income Tax Department on Sunday extended the deadline for various compliances, including normalization fee (equalization levy) and filing of details for remittances. The last date for filing normalization fee details in Form-1 for the financial year 2020-21 has been extended till December 31 as against the original due date of June 30.

Similarly, quarterly statements in Form 15CC to be submitted by authorized dealers in respect of remittances made for June and September quarters can now be filed by November 30 and December 31 respectively. The original due dates for filing this statement were July 15 and October 15, respectively.

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Continue Reading
Click to comment

Average Rating

5 Star
0%
4 Star
0%
3 Star
0%
2 Star
0%
1 Star
0%

Leave a Reply

Your email address will not be published. Required fields are marked *