Vivad Se Vishwas Update: Income Tax Department has extended the last date of the Vivad Se Vishwas Scheme, know how much time is available..

The Income Tax Department on Monday extended the date for filing information for determining tax dues and waiver of interest and penalty under the Vivad Se Vishwas Scheme till January 31. As per the original rules of the Direct Tax Vivad Se Vishwas Scheme, 2024, taxpayers filing declarations before December 31, 2024, had to pay 100 percent of the disputed tax demand. In such cases, a provision has been made to waive interest and penalty.

The Central Board of Direct Taxes (CBDT) said in a circular that the due date for determining the amount payable under the Vivad Se Vishwas Scheme has been extended from December 31, 2024, to January 31, 2025. According to the circular, the taxpayer will have to pay 110 percent of the disputed tax demand on declarations made on or after February 1, 2025. Taxpayers can avail the benefit of this scheme in whose case there is a dispute/appeal has been filed.

This includes writs and special leave petitions (appeals), whether filed by the taxpayer or tax officials. This includes cases pending before the Supreme Court, High Courts, Income Tax Appellate Tribunal, and Commissioner/Joint Commissioner (Appeals) as of July 22, 2024.

It is worth noting that about 2.7 crore direct tax demands worth about Rs 35 lakh crore are under dispute in various legal forums. The Vivaad se Vishwas Yojana, 2024 was announced in the budget for the financial year 2024-25 presented on July 23. The scheme came into effect on October 1, 2024.

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