There is a latest update for taxpayers. CBDT Chairman Ravi Agarwal said on Wednesday that the ‘Vivaad se Vishwas’ scheme announced in the budget for settlement of pending direct tax appeals will be launched this year. He said that its notification will be issued soon in addition to the relevant FAQs. According to the news of Bhasha, after the budget, the head of the direct tax administration in the country said that a substantial number of income tax appeals are filed at the appellate level on various forums and it is expected that a fair number of taxpayers will take advantage of the new scheme.
The scheme was brought in 2020
According to the news, the first ‘Vivad se Vishwas’ scheme for cases under the direct tax or income tax category was brought by the government in 2020 and according to the CBDT chief, it was quite successful, with revenue of about Rs 75,000 crore being received and about one lakh taxpayers availing the scheme. Aggarwal said that the first date is December 31, by which we will have taxpayers actually opting for the scheme (Vivad se Vishwas 2024). Very soon, we will notify the scheme with FAQs (frequently asked questions) and all those things.
Proposal to start scheme in budget
Finance Minister Nirmala Sitharaman proposed to launch a scheme for settlement of pending appeals in her budget speech on Tuesday. The minister said on Tuesday that it is proposed to start from a specified date. It is also proposed to notify the last date of the scheme. This scheme has been designed keeping in mind all taxpayers in India who have income tax disputes. Depending on the nature of the pending dispute, a part of the total tax, interest and penalty demanded under the scheme must be paid for settlement.
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