If you have any old disputes related to income tax pending against your name, then now is the last chance to resolve them. Under the ‘Vivaad se Vishwas Scheme 2024’, taxpayers are being given a chance to settle their cases without going to court. The last date is 30th April, 2025 – that is, now only 9 days are left.
What is ‘Vivaad se Vishwas’ scheme?
This scheme is specially for those taxpayers whose cases are stuck with the Income Tax Department in the courts or at the appellate level. Through this scheme, you can end your case by paying less tax. The government aims to end the tussle going on between the taxpayers and the department for years in a friendly manner.
When was this Vivaad se Vishwas scheme started?
This scheme was announced by Union Finance Minister Nirmala Sitharaman in Budget 2024 and it was implemented from 1st October 2024.
Who can avail of the benefit under Vivaad se Vishwas scheme?
This scheme will benefit those whose income tax disputes were pending till July 22, 2024. However, some cases will not come under it, such as those cases which are going on before the Income Tax Settlement Commission and those cases which are filed as review petitions in the Supreme Court or any high court.
Who can apply to settle their tax dispute under this scheme?
Those in whose case an appeal, writ, or SLP is filed and it is pending till July 22;
Those whose objection is filed in DRP (Dispute Resolution Panel) and no decision has been taken on it till July 22;
DRP has given the order, but the assessment is not complete.
Those whose revision petition is pending under section 264.
Which forms have to be filled?
There are a total of 4 forms for the scheme:
Form-1: To give a declaration on your behalf
Form-2: Certificate from the designated officer
Form-3: To give information about payment
Form-4: Order for full and final settlement of the case
Where will you get information?
If you are confused about the rules or procedure of this scheme, then go to the Income Tax Department website and read the FAQs. Every question is answered in detail there.
Summing up…
You will not get this great opportunity to resolve an old tax dispute again. Apply before April 30, 2025 and avoid running to the court.
