Vivad Se Vishwas Scheme gets one-month extension

3 days ago

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Vivad Se Vishwas Scheme gets one-month extension

Government Extends Deadline for Vivad Se Vishwas Scheme Tax Dispute Resolution

The government of India has announced an extension for resolving pending income tax disputes under the Vivad Se Vishwas Scheme. The Central Board of Direct Taxes (CBDT) has moved the deadline from December 31, 2024, to January 31, 2025. This extension was officially notified by the CBDT on Monday.

The Vivad Se Vishwas Scheme, introduced in the Union Budget for 2024-25, aims to manage litigation by offering reduced settlement amounts. It provides more favorable terms for 'new appellants' compared to 'old appellants' and for those who file declarations by January 31, 2025, compared to those who file later.

This initiative is part of the government's efforts to streamline tax dispute resolutions and reduce litigation.

Doubts Revealed

Vivad Se Vishwas Scheme

The Vivad Se Vishwas Scheme is a program by the Indian government to help people settle their tax disputes. It allows taxpayers to pay a reduced amount to resolve their issues with the tax department. This helps in reducing the number of court cases related to taxes.

Central Board of Direct Taxes (CBDT)

The Central Board of Direct Taxes, or CBDT, is a part of the Indian government that deals with taxes. It makes rules and policies about how taxes should be collected and managed in India. They are responsible for making sure people pay their taxes correctly.

Union Budget

The Union Budget is a financial plan presented by the Indian government every year. It outlines how the government will earn and spend money in the coming year. It includes details about taxes, government spending, and economic goals.

Appellants

Appellants are people or companies who have a disagreement with a decision made by a tax authority and have taken the matter to a higher authority or court. In the context of the Vivad Se Vishwas Scheme, they are the ones who can benefit from reduced settlement amounts.

Litigation

Litigation is the process of taking a dispute to a court of law. In this context, it refers to the legal process of resolving tax disputes between taxpayers and the government. The Vivad Se Vishwas Scheme aims to reduce the number of such court cases.