Vivad Se Vishwas: Tax Appeal Deadline Extended to January 2025

The government has announced an extension of the deadline to resolve pending income tax disputes under the Vivad Se Vishwas Scheme, moving the due date from December 31, 2024, to January 31, 2025. The extension aims to assist taxpayers, potentially benefitting new appellants with more favorable settlement terms.

The government has decided to extend the deadline for resolving pending income tax dispute appeals under the Vivad Se Vishwas Scheme. The Central Board of Direct Taxes (CBDT) has shifted the due date for determining payable amounts from the original December 31, 2024, to the newly set January 31, 2025. This extension was made official through a notification issued on Monday.

The Vivad Se Vishwas Scheme, first announced in the Union Budget for 2024-25, officially took effect from October 1 following its notification by the CBDT on September 20. The Scheme is designed to encourage taxpayers to settle disputes by offering lesser settlement amounts to 'new appellants' in comparison to 'old appellants'.

The Scheme also proposes reduced settlement amounts for taxpayers who file their declarations on or before the new deadline of January 31, 2025, compared to those who do so afterward. This initiative forms a part of the government's broader strategy to manage litigation effectively. (ANI)

(With inputs from agencies.)