Dec 31, 2024 03:14 PM IST
The original deadline for the Vivad Se Vishwas scheme was December 31, 2024, with the scheme having come into effect on October 1, 2024
The Income Tax department has extended the due date for determining tax dues and filing the declaration under the Vivad Se Vishwas scheme for waiving interest and penalty.
The new deadline is January 31, 2025, according to a circular issued by the Central Board of Direct Taxes (CBDT). The original deadline was December 31, 2024, with the scheme having come into effect on October 1, 2024.
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What is Vivad Se Vishwas scheme?
The Vivad Se Vishwas (VsV) scheme, introduced in the Union Budget 2024-25 by Union finance minister Nirmala Sitharaman, allows taxpayers who have disputes/appeals to waive their interest and penalty as long as they file a declaration before the stipulated deadline and pay the disputed amount along with a specified percentage.
This means that taxpayers can effectively conclude their income tax disputes and avoid additional penalties by opting for this scheme.
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The new CBDT circular stated that for all declarations filed on or after February 1, 2025, the taxpayer must pay 110% of the disputed tax demand. If done on time by January 31, the percentage to be paid is 100%.
The CBDT said this deadline extension is to give taxpayers additional time to determine the amount payable as specified in column (3) of the relevant table in the scheme.
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