Income Tax: Hurry Up! Last Chance To Settle Your Tax Dispute Out Of Court As Vivad Se Vishwas Scheme Ends On THIS Day

New Delhi: If you’ve been stuck up in an income-tax dispute then do not wait any further as there are most effective 8 days last to settle it beneath the Vivad se Vishwas Scheme. The scheme has been introduced to lend a hand taxpayers unravel disputes briefly and keep away from long courtroom 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 lend a hand taxpayers whose revenue tax circumstances are caught in appeals or courtroom court cases. It gives a possibility to settle disputes through paying a discounted tax quantity. The function is to unravel long-pending problems between taxpayers and the Income Tax Department in an excellent and hassle-free approach.

When Did the Vivad se Vishwas Scheme Start?

The Vivad se Vishwas Scheme was once introduced through Union Finance Minister Nirmala Sitharaman within the 2024 Budget and formally got here into impact on October 1, 2024.

Who Can Apply Under the Vivad Se Vishwas Scheme?

Here’s a simplified record of the ones eligible:

– You can follow in case your revenue tax dispute was once pending as of July 22, 2024.

– Cases the place you or the Income Tax Department (or each) have filed an enchantment, writ, or particular go away petition this is nonetheless unresolved are coated.

– If you’ve filed an objection with the Dispute Resolution Panel (DRP) and no course was once issued earlier than July 22, you might be eligible.

– You’re additionally eligible if the DRP gave instructions beneath Section 144C(5), however the review has now not but been finished.

– If you’ve carried out for a revision beneath Section 264 and are nonetheless looking ahead to a choice, you’ll additionally follow.

What Types of Disputes Are Included within the Scheme?

– Only revenue tax-related disputes are coated beneath the Vivad se Vishwas Scheme.

– Disputes associated with wealth tax, securities transaction tax (STT), or commodity transaction tax don’t seem to be eligible.

Which Forms Do You Need to Fill?

There are 4 paperwork concerned within the procedure:

– Form 1 – Declaration shape submitted through the taxpayer

– Form 2 – Certificate issued through the designated revenue tax officer

– Form 3 – Used to supply fee main points

– Form 4 – Final order confirming complete and ultimate agreement of the dispute

Don’t Miss the Deadline

The Vivad se Vishwas Scheme ends on April 30, 2025. With only a few days left, it’s easiest to behave now and keep away from last-minute tension.