Govt Extends Direct Tax Vivad Se Vishwas Scheme: Steps You Need to Take To Avail It

Outlook Money

Direct Tax Vivad se Vishwas Scheme

The Direct Tax Vivad se Vishwas Scheme was introduced in the Budget 2024-25. The scheme aims to help taxpayers resolve disputes with the income tax department.

Deadline for direct tax Vivad Se Vishwas scheme

The deadline for taxpayers for the direct tax Vivad Se Vishwas scheme has been extended. The Central Board of Direct Taxes (CBDT), has announced the due date for determining the (tax) amount payable has been extended to January 31, 2025.

Here's how to avail the scheme

This scheme can be availed by the taxpayers if the appeals/writ petition/special leave petition relating to disputed tax, interest, penalty or fee is pending before the Income Tax Appellate Tribunal /High Court/Supreme Court.

Other Ways

A taxpayer must have filed objections before the Dispute Resolution Panel and the authority must be yet to issue directions. It also includes if the revision of the application is filed by the taxpayer before the commissioner.

lower settlement amounts

In order to get the benefit of lower settlement amounts, taxpayers should file the declarations before January 31, 2025. Individuals who fail to meet the extended deadline and file from February 1, 2025, onwards will face additional charges.

Compiled by Syed Muskan

Read more

Read More