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News INCOME TAX

  • Dec 18, 2024
  • CBDT issues fresh FAQs on Vivad se Vishwas scheme

    The Central Board of Direct Taxes (CBDT) on Tuesday published a fresh set of FAQs on the Direct Tax Vivad se Vishwas scheme in response to additional queries received by it.

    The fresh FAQs mainly address the ambiguities around eligibility criteria and computation of amount payable under the scheme.

    The scheme, announced during the Budget, provides for dispute resolution in respect of pending income tax litigation. The objective of the scheme is to reduce pending tax litigation, generate timely revenue for the government and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process, the CBDT said in a notification.

    The scheme is applicable only in relation to appeals filed on or before July 22, 2024 which led to many doubts among taxpayers such as whether they will be eligible if appeal time limit expired before the said date, but appeal was filed afterwards.