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This scheme has been announced in the budget. Now taxpayers wishing to settle cases under the Vivaad se Vishwas scheme will benefit. It will start from December 2024. Under this, you will get exemption from interest and penalty on depositing the full amount of tax. These cases are pending in various appellate forums, in simple words Commissioner (Appeal), Income Tax Appellate Tribunal (ITAT), High Court and Supreme Court. They will be settled.
Finance Minister Nirmala Sitharaman in her Budget speech proposed to launch a scheme “for settlement of pending cases”.
According to information received from sources, the cases of companies which have been raided under the Dispute to Trust Scheme will be kept out of Dispute to Trust 2024.
The dispute will start in December 2024. Paying more tax in January can also resolve matters through trust instead of disputes. Recently, income tax applications worth about Rs 5 lakh are pending with the CIT.
This scheme will be applicable to tax cases pending before the Commissioner (Appeal), Income Tax Appellate Tribunal, High Court or Supreme Court till 31 January 2020. Let us tell you that any pending case is related to tax, dispute, penalty and interest.
This scheme – Sambhav Se Vishwas Yojana – was launched for the first time by the government in the year 2020 for matters related to direct and indirect taxes. The government says that it has been “quite successful”. It has generated revenue of about Rs 75,000 crore and about one lakh taxpayers have benefited from this scheme.