Deadline Announced for Vivad Se Vishwas Scheme Declarations

The income tax department has set a deadline of April 30 for taxpayers to file declarations for the Vivad Se Vishwas dispute resolution scheme. The scheme, announced in the 2024-25 budget, allows taxpayers with pending disputes to resolve them by paying 110% of the disputed tax.

The income tax department has set April 30 as the deadline for taxpayers aiming to participate in the Vivad Se Vishwas dispute resolution scheme. This marks the first time a specific date has been set for filing declarations under the scheme, which launched on October 1, 2024.

The Central Board of Direct Taxes (CBDT) announced this via a post, emphasizing that this deadline is crucial for individuals wanting to file their tax arrears declarations to designated authorities under the Direct Tax Vivad Se Vishwas Scheme 2024.

The scheme targets disputes pending as of July 22, 2024, across various legal fora, including the Supreme Court and high courts, affecting about 2.7 crore direct tax demands totaling approximately Rs 35 lakh crore. Taxpayers to benefit will need to pay 110 percent of the disputed tax amount.

(With inputs from agencies.)