News Desk, Amar Ujala, New Delhi
Updated Wed, 18 Nov 2020 10:28 PM IST
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According to sources, till November 17, a total of 45,855 announcements were filed under this scheme in Form-1. Under these announcements, a total of 31,734 crore rupees was asked to settle the disputed income tax demand. Explain that keeping in mind the difficulties faced by taxpayers due to the circumstances caused by the Kovid-19 epidemic, the government has extended the deadline for filing declarations under the dispute-to-trust scheme to December 31, 2020. Also, the deadline for making payment without interest and penalty has been extended till 31 March 2021.
The controversy-on-trust scheme was launched after parliament’s approval on 17 March to reduce litigation related to income tax. Under the scheme, the dispute is declared to be settled on payment of 100 per cent of the disputed income tax and on payment of 25 per cent of the disputed fine, interest or fee. To avail the scheme, all kinds of appeals are withdrawn from both the taxpayer and the Income Tax Department and the taxpayer is declared free from any action under the Income Tax Act.