Income Tax Extends ‘Vivad Se Vishwas’ Deadline

Why in the news?

The Income Tax Department has extended the Vivad Se Vishwas scheme deadline to January 31, 2025, allowing taxpayers more time to settle tax disputes and avoid penalties under the scheme.

Income Tax Extends 'Vivad Se Vishwas' Deadline

Income Tax Department Extends ‘Vivad Se Vishwas’ Scheme Deadline:

  • Extension of Deadline: The Income Tax Department has extended the deadline for the Vivad Se Vishwas scheme from December 31, 2024, to January 31, 2025. The scheme initially came into effect on October 1, 2024.
  • Official Announcement: The Central Board of Direct Taxes (CBDT) issued a circular confirming the new deadline for taxpayers to determine their tax dues and file declarations for the scheme.
  • India Ranked Among Nations With High Religious Restrictions

What is the Vivad Se Vishwas Scheme?

  • Scheme Overview: Introduced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman, the Vivad Se Vishwas scheme offers taxpayers an opportunity to resolve income tax disputes.
  • Benefits for Taxpayers: The scheme allows taxpayers to settle disputes, waive interest and penalties, and avoid additional fines by filing a declaration and paying the disputed amount with a specified percentage.
  • Objective: It aims to provide an effective resolution to ongoing tax disputes and prevent further legal complications.

Sources Referred:

PIB, The Hindu, Indian Express, Hindustan Times