The Income Tax Department has issued frequently asked questions (FAQs) regarding the ‘Vivaad se Vishwas’ Scheme 2024, in which answers to important questions have been given.
New Delhi. To settle tax-related disputes, the Income Tax Department has issued guidance regarding the ‘Vivaad se Vishwas’ Scheme 2024 related to direct tax. This letter issued in the form of frequently asked questions (FAQs) answers various questions related to the eligible institution to avail the dispute resolution scheme and the taxes to be paid. The Income Tax Department said that it has received several questions from stakeholders seeking guidance regarding various provisions after the scheme was effectively notified on October 1, 2024. The expiry date of the scheme has not yet been notified.
The ‘Vivaad se Vishwas’ scheme can be availed by those taxpayers whose disputes/appeals are pending before the Supreme Court, High Courts, Income Tax Appellate Tribunal, Commissioner/Joint Commissioner (Appeal) till July 22, 2024. These include writs and special leave petitions (appeals), whether filed by the taxpayer or the tax officials.
The scheme will also include cases pending before the Dispute Resolution Panel (DRP) and revision petitions pending before the Income Tax Commissioner. If taxpayers file a declaration before December 31, 2024 to avail the scheme, they will have to pay 100 per cent of the disputed tax demand. Interest and penalty will be waived in such cases.
Also Read-SSY Calculator: How much return will you get on ₹1000, 2000, 3000 or 5000? See the return calculation
However, in cases where the declaration is made on or after January 1, 2025, the taxpayer will have to pay 110 per cent of the disputed tax demand. Let us tell you that in the General Budget 2024, the government had announced the launch of Vivaad se Vishwas Yojana-2.
According to the budget announcement, income tax cases with a period of 3 years to five years can be reopened after the end of the assessment year. Provided that the case is of Rs 50 lakh or more. In case of searches also, a time limit of 6 years from the year of search has been proposed, whereas at present the period is 10 years.
Related Articles:-
SBI Home Loan Rate: SBI has reduced MCLR loan rates today, know how much EMI will be reduced?
ICICI Bank has announced several changes to its credit card, know the new rule
