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Income Tax: To provide relief to the taxpayers who are facing trouble in paying the outstanding taxes, the government has once again come up with the 'Vivad se Vishwas 2.0' scheme. This scheme will start from the first of next month. Under this scheme, big rebate will be given on payment of outstanding tax. Let us tell you that Finance Minister Nirmala Sitharaman in her budget speech had announced the Direct Tax 'Vivad Se Vishwas' Scheme 2024 for resolution of pending appeals in case of income tax disputes. This scheme will come into effect from 1 October 2024.
will get tax exemption
The Income Tax Department on Saturday said it has notified the dispute resolution scheme 'Vivad Se Vishwas 2.0'. The scheme offers a lower settlement amount for taxpayers filing declaration forms on or before December 31, 2024, compared to those filing after that. Furthermore, rules and forms to enable the scheme have also been notified. The Central Board of Direct Taxes (CBDT) said in a statement that the scheme has a provision for lower settlement amount for the 'new appellant' compared to the 'old appellant'. The scheme has a provision for a lower settlement amount for taxpayers filing declaration forms on or before December 31, 2024, compared to those filing after that.
Four different forms notified
Form-1: Form for filing declaration and undertaking by the declarant. Form-2: Form for certificate to be issued by the specified authority. Form-3: Form for intimation of payment by the declarant. Form-4: Order for full and final settlement of tax dues by the specified authority. The Scheme also provides that Form-1 shall be filed separately for each dispute, provided that where both the appellant and the Income-tax authority have filed an appeal in respect of the same order, a single Form-1 shall be filed. Will go. The payment information is to be given in Form-3 and the same is to be submitted to the specified authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of the claim.
Form-1 and Form-3 will be submitted electronically by the declarant. These forms will be made available on the e-filing portal of the Income Tax Department. This scheme is a step towards reducing litigation. Let us tell you that about 2.7 crore direct tax demands are in dispute in various legal forums, the total amount of which is about Rs 35 lakh crore. The first 'Vivad se Vishwas' scheme for cases under direct taxes was brought by the government in 2020. About 1 lakh taxpayers took advantage of this scheme and the government received tax worth about Rs 75,000 crore.