Finance Ministry has published some clarifications and frequently asked questions (FAQs) about the ‘Vivaad se Vishwas Yojana 2024’ related to direct tax. It was announced in Budget 2024 itself.
Finance Ministry has published some clarifications and frequently asked questions (FAQs) about the ‘Vivaad se Vishwas Yojana 2024’ related to direct tax. It was announced in Budget 2024 itself. The purpose of this scheme is to provide an opportunity for dispute resolution to taxpayers for outstanding income tax cases by waiving all outstanding penalty and interest amounts.
One thing to keep in mind here is that this exemption of penalty and interest is also conditional. To get relief, you will have to submit the appropriate form and also deposit the disputed tax demand amount by the due date. If you also want to take advantage of the Dispute to Trust Scheme, then you can also take advantage of it.
This letter issued in the form of Frequently Asked Questions (FAQs) answers various questions related to the entity eligible 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 is notified with effect from October 1, 2024.
CBDT issues Guidance Note 1/2024 in the form of frequently asked questions (FAQs) on provisions of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme , 2024.
Circular No. 12 of 2024 issued on 15.10.2024.
This note is designed to provide clarity and assist taxpayers in better… pic.twitter.com/W7Wm4jieLr
— Income Tax India (@IncomeTaxIndia) October 15, 2024
The last date of the scheme has not been notified yet. The ‘Vivaad se Vishwas’ scheme can be availed by those taxpayers whose disputes are pending in the Supreme Court, High Court, Income Tax Appellate Tribunal, Commissioner/Joint Commissioner (Appeal) till July 22, 2024.
These include writ and special leave petitions (appeals), whether filed by the taxpayer or 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 percent of the disputed tax demand. Interest and penalty will be waived in such cases. However, in cases where the declaration is made on or after January 1, 2025, 110 percent of the disputed tax demand will have to be paid by the taxpayer.
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