New 'Vivad se Vishwas' Scheme to Resolve Tax Appeals: CBDT Chairperson

The 'Vivad se Vishwas' scheme, aimed at settling pending direct tax appeals, will be launched this year with notifications and FAQs issued soon. CBDT chairman Ravi Agrawal discussed the scheme's expected impact and its success in 2020. The scheme will start by December 31, 2024.

The 'Vivad se Vishwas' scheme, targeting the settlement of pending direct tax appeals, is set to commence this year, according to CBDT chairman Ravi Agrawal. Notifications and relevant FAQs will be issued soon.

In a post-Budget interview with PTI, Agrawal stated that a significant number of income tax appeals are pending at various appellate forums. The new scheme aims to encourage a reasonable number of taxpayers to resolve their appeals.

Introduced initially in 2020, the scheme was successful, yielding Rs 75,000 crore and involving around a lakh taxpayers. The deadline for opting into the new scheme is December 31, 2024.

(With inputs from agencies.)