Scheme to resolve disputes related to Income Tax
To reduce the burden of income tax related court cases and help people resolve disputes easily, the government has come up with ‘Vivad se Vishwas’ scheme. Now its 2024 edition has also started. In such a situation, it is very important for you to know some important things related to this, because it can exempt you from your penalty and interest.
The ‘Vivad Se Vishwas’ scheme is actually a window opening scheme to resolve income tax issues. This way you can resolve your old income tax cases in one go. In this, the government provides you some facilities, while you have the option of making a lump sum payment.
Important things related to the ‘Trust Controversy’
The Finance Ministry has released a complete list of some important questions and answers (FAQs) related to the ‘Vivad Se Vishwas’ 2024 programme. The relaunch of this scheme was announced by Finance Minister Nirmala Sitharaman during the budget presentation in July of this year.
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- According to a circular of the Income Tax Department dated October 15, 2024, the ‘Vivad Se Vishwas’ scheme was launched under section 89 of the Income Tax Act. In this way, taxpayers have the opportunity to resolve their tax disputes under certain conditions. In this, the government waives the penalty and interest charged on the outstanding tax.
- Taxpayers whose case related to income tax is pending in any appellate forum in the form of ‘Written Petition’ or ‘Special Leave Petition’ before July 22, 2024. You can resolve your case under this scheme.
- If a taxpayer has filed an objection in respect of any of his cases before the Dispute Resolution Panel (DRP) under Section 144C. If DRP has not taken any decision in this regard, then it can resolve your case under the ‘Vivad se Vishwas’ scheme.
- Any person in whose income tax matter the DRP has issued directions under section 144C(5). But if the Assessing Officer has not completed your assessment under Section 144C (13) by July 22, 2024, you can avail the benefit of this scheme.
- Apart from this, any taxpayer who has filed a review application under Article 264 of the Income Tax Act and is pending until July 22, 2024, may also be settled under this scheme.
According to ‘Vivad se Vishwas’, the taxpayer has to pay a certain portion of his tax. In exchange, the government gets a waiver of penalties and interest.
