Vivad Se Vishwas Scheme: Deadline Extended to January 2025

The Central Board of Direct Taxes has extended the deadline for filing declarations under the Vivad Se Vishwas scheme, which offers waiver of interest and penalty on disputed tax demands, to January 31, 2025. The extension allows taxpayers more time to resolve disputes without incurring additional interest or penalties.

The income tax department extended the due date for determining tax dues and filing declarations under the Vivad Se Vishwas scheme to January 31, 2025. This extension provides taxpayers additional time to resolve disputes with benefits.

Initially announced in Budget 2024-25, the scheme allows taxpayers to settle their tax disputes by paying the principal amount, with a waiver on interest and penalties, if declarations are filed before the new deadline. Declarations after February 1, 2025, will incur a 110% payment of the disputed tax demand.

A significant number of disputes, affecting an estimated Rs 35 lakh crore, are eligible under this scheme, offering taxpayers a valuable opportunity to clear pending tax issues with concessions.

(With inputs from agencies.)