look news india
Time limit of Vivad Se Vishwas Scheme: The year 2024 is ending today. So today is the last day to complete the pending work of this year. The deadline for taxpayers to pay the pending taxes as well as the Vivad se Vishwas scheme is December 31. However, the Income Tax Department has extended the deadline for the Vivad Se Vishwas scheme to January 31. Due to which taxpayers will get one more month’s time to pay the outstanding disputed tax.
Time limit for payment of disputed tax
Income Tax Department launched Vivad Se Vishwas Scheme to resolve disputed and missed tax issues of taxpayers. In which there is a provision to pay tax on less fine. The last date of this scheme was 31 December 2024. But it has been extended by 1 month till 31 January 2025.
110 percent penalty for non-payment of tax
Under the Vivad Se Vishwas Scheme, if the disputed tax is not paid within the extended period from February 1, 2024, 110 percent of the outstanding tax will have to be paid as penalty from February 1, 2024. Taxpayers who have filed tax disputes in the Supreme Court, High Court and Income Tax Appellate Court till July 22, 2024, may get the benefit of lower settlement under this scheme if the deadline is extended. Currently, one can pay the disputed tax with 100 percent interest.
Tax collection of Rs 35 lakh crore possible
The central government expects that about 2.7 crore taxpayers will spend a total of Rs 2.7 crore under this scheme. You may have to pay tax of Rs 35 lakh crore. Four types of forms have been issued under this scheme. In Form 1 you can give the declaration file and undertaking, Form 2 is for the certificate issued by the authority, with the help of Form 3 the taxpayer can give his payment information. Form 4 informs the final settlement of tax dues by the authority.