Outlook Money
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.
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.
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.
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.
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