The Vivad Se Vishwas Scheme 2024 is a significant tax dispute resolution initiative launched by the Government of India. This scheme aims to resolve pending tax disputes in a transparent and streamlined manner, providing taxpayers with an opportunity to settle their issues with the Income Tax Department. Here, we’ll provide detailed information on the Vivad Se Vishwas Scheme 2024 including its notification, frequently asked questions, last date, start date, and other key aspects.
What is the Vivad Se Vishwas Scheme 2024?
The Vivad Se Vishwas Scheme 2024 is an extension of the earlier version of the scheme, introduced in 2020. It provides taxpayers with an opportunity to settle their pending income tax disputes by paying a specified amount, which is less than the total liability. The scheme encourages taxpayers to settle their dues without facing prolonged litigation, with the aim of reducing the burden on the judicial system.
The scheme aims to settle cases where the appeal or dispute is pending at various levels, such as the Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), or in the High Court or Supreme Court. This scheme provides a clear and cost-effective solution to resolve these disputes.
Key Features of the Vivad Se Vishwas Scheme 2024
- Reduced Payment Amount: Taxpayers need to pay only a specified percentage of the disputed tax amount to settle their case.
- No Interest or Penalty: The scheme offers a waiver on the penalty and interest, allowing taxpayers to settle the principal tax amount with ease.
- No Litigation: Once the taxpayer avails of the scheme, the case is settled, and the taxpayer is free from further litigation.
- Fast Resolution: The scheme promises to expedite the resolution process, providing quicker relief compared to traditional methods.
- Eligibility: Any taxpayer facing a dispute with the Income Tax Department can opt for this scheme, provided they meet the necessary criteria.
Vivad Se Vishwas Scheme 2024 Notification PDF Download
The official notification regarding the Vivad Se Vishwas Scheme 2024 has been released by the Ministry of Finance. You can download the PDF from the official website of the Income Tax Department.
Steps to Download the Notification PDF:
- Visit the official Income Tax Department website at www.incometaxindia.gov.in.
- Navigate to the “Notifications” section.
- Look for the latest update regarding the Vivad Se Vishwas Scheme 2024.
- Click on the link to download the official notification PDF.
Vivad Se Vishwas Scheme Pdf Download
Start Date and Last Date of the Vivad Se Vishwas Scheme 2024
- Start Date: The Vivad Se Vishwas Scheme 2024 was launched on October 1, 2024.
- Last Date: The last date to apply under the scheme is December 31, 2024. Taxpayers are advised to apply as early as possible to avoid last-minute delays.
How to Apply for Vivad Se Vishwas Scheme 2024?
Taxpayers interested in resolving their tax disputes under the scheme can apply online through the Income Tax e-filing portal. Here’s how:
- Visit the official e-filing portal of the Income Tax Department: www.incometaxindiaefiling.gov.in.
- Log in with your taxpayer credentials.
- Navigate to the “Vivad Se Vishwas” section.
- Fill in the required details, including information about your pending tax dispute.
- Submit the application and make the necessary payment.
Once the payment is made and the application is processed, the taxpayer will receive a Certificate of Settlement, and the dispute will be officially closed.
FAQs
1. What is the Vivad Se Vishwas Scheme 2024?
- It is a scheme launched by the Indian government to resolve income tax disputes by offering taxpayers a chance to pay a reduced amount to settle their cases.
2. Who is eligible for the scheme?
- Any taxpayer with an outstanding income tax dispute pending at any level of litigation (from assessment to the High Court or Supreme Court) is eligible for the scheme.
3. What are the benefits of the scheme?
- The scheme offers reduced payments, waiver of interest and penalties, and faster resolution of disputes.
4. What is the last date for applying under the scheme?
- The last date for availing the scheme is March 31, 2024, unless extended by the government.
5. How much of the disputed amount do taxpayers have to pay under the scheme?
- Taxpayers have to pay the disputed amount minus the interest and penalty, depending on the case.
6. Can taxpayers avail the scheme if the case is in the High Court or Supreme Court?
Yes, the scheme covers disputes at all stages, including appeals pending in the High Court and Supreme Court.
For more details, refer to the official Income Tax Department website or consult with a tax professional.