PERSONAL-FINANCE
The income tax department on Tuesday came out with a guidance note on direct tax Vivad Se Vishwas scheme 2024. The guidance note, in the form of FAQs, answered various questions relating to who would be eligible to avail the scheme as well as the taxes to be paid. The I-T department said it has received several queries from the stakeholders seeking guidance in respect of various provisions of the scheme after it was notified effective on October 1, 2024. The end date for the scheme is yet to be notified.The scheme can be availed by taxpayers who have disputes/appeals, including writs and special leave petitions (Appeals), whether filed by the taxpayer or the tax authorities, are pending as of July 22, 2024, before the Supreme Court, High Courts, Income Tax Appellate Tribunal, Commissioner/Joint Commissioner (Appeals). It would also include cases pending before the Dispute Resolution Panel (DRP) and revision petitions pending before the Commissioner of Income Tax. If taxpayers file a declaration before December 31, 2024, to avail of the scheme, then he/she has to pay 100 per cent of the disputed tax demand. Interest and penalty would be waived in such cases. In cases where the declaration is made on or after January 1, 2025, 110 per cent of the disputed tax demand will have to be paid by the taxpayer. Get Latest Business News , Stock Market Updates and Videos ; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Business Twitter and Facebook . Subscribe on YouTube . None
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