Vivad Se Vishwas Scheme 2024: The income tax (I-T) division on Monday, December 30, prolonged the due date for figuring out the tax dues and submitting declaration below the Vivad Se Vishwas scheme for waiver of curiosity and penalty, by a month, until January 31, 2025. The earlier deadline for the settling earnings tax disputes below the scheme by the taxman was December 31, 2024.
In accordance with the unique guidelines of the Direct Tax Vivad Se Vishwas scheme, taxpayers filing declaration before December 31, 2024, needed to pay 100 per cent of the disputed tax demand. Curiosity and penalty could be waived in such circumstances. The Central Board of Direct Taxes (CBDT) prolonged the due date for figuring out the quantity payable from December 31, 2024, to January 31, 2025.
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Vivad Se Vishwas Scheme 2024: Deadline to settle tax disputes prolonged
The CBDT put out a notification on this regard on Monday. In accordance with the round, for the declarations filed on or after February 1, 2025, a 110 per cent of the disputed tax demand must be paid by the taxpayer. All appeals which might be nonetheless excellent as of July 22, 2024, might be eligible for the Vivad Se Vishwas Scheme 2024 no matter whether or not they’re ultimately withdrawn or disposed of.
The scheme could be availed by taxpayers who’ve disputes/appeals, together with writs, special leave petitions(Appeals) whether filed by the taxpayer or the tax authorities are pending as on July 22, 2024, earlier than the Supreme Courtroom, Excessive Courts, Revenue Tax Appellate Tribunal, Commissioner/Joint Commissioner (Appeals). Round 2.7 crore direct tax calls for totalling ₹35 lakh crore are being disputed at authorized foras.
The Vivad Se Vishwas Scheme was initially introduced within the Union Finances for 2024-25. On September 20, the CBDT notified the Scheme that came into force with effect from October 1. The Scheme offers for lesser settlement quantities for a ‘new appellant’ compared to an ‘outdated appellant’. Additionally, it offers for lesser settlement quantities for taxpayers who file declaration on or earlier than January 31, 2025, compared to those that file thereafter.
