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News INCOME TAX

  • Sep 21, 2024
  • Finance ministry notifies direct tax Vivad Se Vishwas Scheme, 2024

    The Union finance ministry on Thursday notified the Direct Tax Vivad Se Vishwas Scheme, 2024, which will come into effect on October 1.
    This scheme will allow taxpayers to settle appeals, writ petitions, and special leave petitions pending in the Supreme Court, high courts, and appellate tribunals before the cutoff date of July 22.

    Though the scheme’s operational date has been announced, the final date for the scheme is yet to be determined.

    The scheme states if a taxpayer has a direct tax appeal pending before a commissioner, tribunal, high court, or Supreme Court, they can choose not to litigate and instead settle the appeal by paying the full tax amount, thereby waiving any interest and penalties. This applies to cases where the taxpayer has filed an appeal.

    The scheme was brought for the first time in 2020, to facilitate settling direct tax appeals pending till January 31 that year, with the Commissioner of Income-Tax (Appeals), the Income Tax Appellate Tribunal, high courts, or the Supreme Court. At that time 483,000 appeals were pending, with Rs 4.96 trillion locked in these disputes.