Punjab Government Extends One Time Settlement for Taxpayers Till May 31, 2026
Chandigarh, April 5: Finance Minister Harpal Singh Cheema announced that the Punjab government has extended the One Time Settlement (OTS) scheme for recovery of outstanding dues until May 31, 2026.
Scheme Performance So Far
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Applications received: 9,151
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Total revenue realisation: ₹134.21 crore
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Waivers extended: ₹446.17 crore
Warning to Defaulters
Cheema informed that the taxation department has already identified 8,000 properties belonging to tax defaulters, which will face auction soon if they do not promptly act on this last chance.
"This extension provides a final opportunity for eligible taxpayers to resolve their pending dues and secure financial relief," he said.
Previous OTS Schemes
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OTS-2 (FY 2022-23): 2,487 applications received and disposed
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OTS-3 (FY 2023-24): Approximately 70,000 applications disposed
The current OTS-2025 scheme has seen lower participation, suggesting that a large segment of eligible taxpayers has yet to avail themselves of the benefits.
Final Opportunity
Cheema issued a "warning" to intentional defaulters, clarifying that this will be the absolute final window of opportunity.
"The taxpayers who fail to participate in the scheme by the May 31, 2026, deadline will face severe recovery proceedings in strict accordance with the law. The taxation department has already proactively identified a substantial number of default cases," he said.