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I-T officials push for deadline extension of revised returns, tax amnesty schemes
March, 25th 2020

Tax officials of Mumbai, the city that accounts for more than a third of the national mop-up, have urged that deadlines be eased for the dispute resolution or the Vivad se Vishwas (VsV) scheme, and cases under the Black Money Act. Separately, officials from Mumbai, Delhi, Chandigarh, Goa, Madhya Pradesh and Chhattisgarh have written to CBDT.

Income tax officials have requested the Indian authorities to relax the financial year-end deadline for filing revised returns and availing amnesty programmes in view of the nationwide lockdown enforced to contain the spread of the coronavirus.

Tax officials of Mumbai, the city that accounts for more than a third of the national mop-up, have urged that deadlines be eased for the dispute resolution or the Vivad se Vishwas (VsV) scheme, and cases under the Black Money Act.


Separately, officials from Mumbai, Delhi, Chandigarh, Goa, Madhya Pradesh and Chhattisgarh have written to the Central Board of Direct Taxes (CBDT) chief to extend the date of limitation of March 31. A similar request has come in from the tax chief in West Bengal, the biggest tax contributor from the east.

The department has “taken a serious note of the situation unfolding in the country owing to the pandemic and is proactively pursuing” extension of statutory limitation/time barring dates with the government, a top official told ET.

The association of the Indian Revenue Service (IRS) officers, and the Income Tax Employees Federation have also appealed to the CBDT to grant more time for processing tax returns and implementing the VsV scheme.

The deadline for filing revised IT returns ends March 31.

Under VsV scheme, which was passed by Parliament earlier this month, disputes will be charged 10 percent more for settlement applications received after March 31. The government aims to mop up around Rs 9.32 lakh crores through the scheme and meet its shortfall in the direct tax collections, sources said.

 
On the other hand, cases under Black Money Act will be time-barred by March 2020 for cases in which notice under section 10 has been issued in FY18.

"This is an unprecedented situation. The government needs to extend the financial year to April 30. The time-barring assessment won't be completed by March 30 and the much touted VsV scheme cannot be implemented," said an official privy to the developments. "Since Mumbai contributed one-third to the direct tax mop up andthe city coming to a grinding hall, this measure requires to be taken.”


According to the communique reviewed by ET, Satish Gupta, Principal Chief Commissioner, Income Tax , Mumbai has written, “...In the city of Mumbai, suburban trains have been stopped. More than 90 percent of the officers and staff travel by local trains and a stoppage of this service has meant that there is no staff.”

“It is requested that steps may be initiated to extend the time-barring date of March 31, 2020 under the IT- act for various functions. Similar action may also be taken for VsV and Black Money Act,” the request further adds.

As on March 14, the net income tax collections stood at Rs 8.67 lakh crore, with the revised target of Rs 11.70 lakh crore. Last year, collections during the corresponding period stood at Rs 8.89 lakh crore, with the target of Rs 12 lakh crore.
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