Vivad Se Vishwas Scheme 2024: Finance Minister Nirmala Sitharaman had said in the general budget that the central government will soon come up with a scheme to settle income tax related cases.
CBDT has now officially announced the Direct Tax Vivad Se Vishwas Scheme for this. This scheme can settle the old income tax related cases of taxpayers. This scheme of the government has come into effect from 1 October 2024. This scheme has been started to settle the pending cases related to direct tax dispute quickly. The purpose of this scheme is to settle the old income tax cases quickly.
Who can take advantage
Every person whose case is pending regarding income tax dues can take advantage of the Dispute to Trust Scheme 2024. However, those who are facing serious income tax cases like undeclared income abroad cannot take advantage of this scheme.
The Central Board of Direct Taxes (CBDT) has implemented the Direct Tax Dispute to Vishwas Scheme under the Finance Number 2 Act. During this time, the rules related to the scheme have also been implemented. 4 different forms have been given for the Dispute to Vishwas Scheme.
Benefit of lower settlement amount
The special thing about CBDT’s Direct Tax Vivaad se Vishwas Scheme is that the settlement amount of the new appellant will be less than that of the old appellant. Under this scheme, such taxpayers will also get the benefit of lower settlement amount, who will file the declaration on or before 31 December 2024.
These matters will be resolved
The Tax Vivaad se Vishwas Scheme also provides that Form 1 will be filed separately for each dispute. The payment details will have to be given in Form-3 and submitted to the designated authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of claim. Form 1 and Form 3 will be submitted online by the declarant. These forms will be made available on the e-filing portal of the Income Tax Department i.e. www.incometax.gov.in.
For your information, let us tell you that about 2.7 crore tax dispute cases are pending on different legal platforms. The monetary value of tax related to these cases is about Rs 35 lakh crore.
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