New Delhi: If you’ve been caught up in an income-tax dispute then don’t wait any longer as there are only eight days remaining to settle it under the Vivad se Vishwas Scheme. The scheme has been launched to help taxpayers resolve disputes quickly and avoid lengthy court battles. This window closes on April 30, 2025.
What is the ‘Vivaad se Vishwas’ scheme all about?
The ‘Vivad se Vishwas’ scheme is designed to help taxpayers whose income tax cases are stuck in appeals or court proceedings. It offers a chance to settle disputes by paying a reduced tax amount. The goal is to resolve long-pending issues between taxpayers and the Income Tax Department in a fair and hassle-free way.
When Did the Vivad se Vishwas Scheme Start?
The Vivad se Vishwas Scheme was announced by Union Finance Minister Nirmala Sitharaman in the 2024 Budget and officially came into effect on October 1, 2024.
Who Can Apply Under the Vivad Se Vishwas Scheme?
Here’s a simplified list of those eligible:
– You can apply if your income tax dispute was pending as of July 22, 2024.
– Cases where you or the Income Tax Department (or both) have filed an appeal, writ, or special leave petition that is still unresolved are covered.
– If you’ve filed an objection with the Dispute Resolution Panel (DRP) and no direction was issued before July 22, you’re eligible.
– You’re also eligible if the DRP gave directions under Section 144C(5), but the assessment has not yet been completed.
– If you’ve applied for a revision under Section 264 and are still waiting for a decision, you can also apply.
What Types of Disputes Are Included in the Scheme?
– Only income tax-related disputes are covered under the Vivad se Vishwas Scheme.
– Disputes related to wealth tax, securities transaction tax (STT), or commodity transaction tax are not eligible.
Which Forms Do You Need to Fill?
There are four forms involved in the process:
– Form 1 – Declaration form submitted by the taxpayer
– Form 2 – Certificate issued by the designated income tax officer
– Form 3 – Used to provide payment details
– Form 4 – Final order confirming full and final settlement of the dispute
Don’t Miss the Deadline
The Vivad se Vishwas Scheme ends on April 30, 2025. With just a few days left, it’s best to act now and avoid last-minute stress.