The clock is ticking for taxpayers! The Vivad Se Vishwas Scheme 2024, launched by the Income Tax Department to resolve long-standing tax disputes, is set to close on April 30, 2025. This is a golden opportunity for individuals and businesses to settle pending income tax litigations and enjoy peace of mind, free from the complexities of prolonged legal battles.
✅ What is the Vivad Se Vishwas Scheme?
The Vivad Se Vishwas (VsV) Scheme is a dispute resolution initiative introduced by the Government of India. It aims to reduce income tax litigation by offering taxpayers a simplified route to settle their pending tax cases. By opting for this scheme, taxpayers can resolve disputes efficiently, saving significant time, legal costs, and uncertainty.
🔍 Key Highlights of the Vivad Se Vishwas Scheme 2024
🧾 Which Appeals Are Covered?
The scheme is applicable to the following categories of pending disputes as of July 22, 2024:
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Appeals/Writ Petitions/Special Leave Petitions (SLPs):
If an appeal or a writ petition or SLP is filed by the taxpayer, the Income Tax Department, or both before any appellate forum and it is still pending as of July 22, 2024. -
Dispute Resolution Panel (DRP) Objections Pending:
If the taxpayer has filed objections before the DRP and no directions were issued before July 22, 2024. -
DRP Directions Issued, But Assessment Not Completed:
If the DRP has issued directions under Section 144C(5) of the Income Tax Act, but the assessment is still pending. -
Revision Applications Under Section 264:
If a taxpayer has filed a revision application under Section 264 and it remains unresolved as of July 22, 2024.
📄 Vivad Se Vishwas Scheme Forms
The scheme involves four key forms:
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Form-1: Declaration and undertaking by the taxpayer (declarant).
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Form-2: Certificate issued by the designated authority after receiving Form-1.
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Form-3: Intimation of payment by the taxpayer after receiving the certificate.
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Form-4: Final order of full and final settlement issued by the designated authority.
👥 Who is Eligible to Apply?
Any taxpayer whose income tax appeal is pending before the specified date of July 22, 2024, can avail the benefits of the Vivad Se Vishwas Scheme. This includes cases that have not yet been withdrawn or disposed of.
🚫 What is Not Covered?
The scheme is exclusive to income tax disputes. It does not cover cases related to:
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Wealth Tax
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Securities Transaction Tax (STT)
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Commodity Transaction Tax (CTT)
⏳ Act Fast – Deadline is April 30, 2025!
With just a few days remaining, taxpayers are urged to review their pending disputes and take action immediately. The Vivad Se Vishwas Scheme offers a one-time chance to close litigation, reduce future risks, and achieve tax certainty.
💼 Why Opt for Vivad Se Vishwas?
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Quick and hassle-free resolution
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Avoid lengthy court battles
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Reduced legal and compliance costs
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Assurance of closure with final settlement
📝 Conclusion
The Vivad Se Vishwas Scheme 2024 is a strategic initiative to ease the burden of tax litigation for both the government and taxpayers. If you have any pending income tax disputes, April 30, 2025, is your last chance to settle them under this beneficial scheme. Don’t miss out on this peace-of-mind opportunity!
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