-
Dec 31, 2024
-
Income tax relief: Deadline of Vivad Se Vishwas Scheme extended, taxpayers get more time to pay a lower amount of tax to settle dispute
The Income Tax Department has extended the deadline of Vivad Se Vishwas Scheme 2024 from December 31, 2024 to January 31, 2025. This scheme helps taxpayers to settle an ongoing dispute by paying a lower amount of income tax. Had the deadline been not extended the taxpayers would have been required to pay 10% extra tax for applying for the scheme. Deadline extension comes as a big relief for taxpayers who are yet to apply for Vivad Se Vishwas Scheme 2024.
“The Central Board of Direct Taxes (CBDT), in exercise of its powers under sub-section (2) of section 97 of the Direct Tax Vivad Se Vishwas Scheme, 2024 (‘the Scheme’) extends the due date for determining amount payable as per column (3) of the Table specified in section 90 Of the Scheme from 31 December, 2024 to 31 January, 2025,” The Income Tax Department said in a circular dated December 30, 2024.
|