The Income Tax Department has announced the 'Vivaad se Vishwas' Scheme 2024, which provides a new opportunity for the resolution of tax disputes. This scheme is for those taxpayers whose cases are pending in various courts till July 22, 2024. Taxpayers can avail of this scheme and pay only 100% of the disputed tax by applying on time. This scheme is an important means of financial relief and quick resolution.

Who is the scheme for?

This scheme is for those taxpayers whose cases are pending in the court till July 22, 2024. It includes many courts like the Supreme Court, High Court, and Income Tax Appellate Court.

Process to apply

Taxpayers can apply to avail of this scheme. They will get a chance to resolve their disputed cases. If they apply before December 31, 2024, they will have to pay only 100% of the disputed tax.

Waiver of interest and penalty

A big advantage of this scheme is that if the taxpayer applies on time, they will not have to pay interest and penalty. This will give them financial relief.

later stage

If a taxpayer applies after January 1, 2025, he will have to pay 110% of the disputed tax. This scheme is beneficial for those who want to make a quick decision.

Period of planning

The Income Tax Department has started this scheme from October 1, 2024. But the last date for how long the scheme will run has not been told yet.

Importance of Planning

This scheme aims to resolve tax disputes quickly and easily. This will give taxpayers a chance to settle their cases. This will also reduce the pressure on the court.

Frequently asked questions

The Income Tax Department has also issued a frequently asked questions sheet. It explains how one can avail of the scheme. Stakeholders have asked several questions, and the department has answered them.

It is worth noting that the 'Vivaad se Vishwas' scheme 2024 is an important opportunity. This scheme will help taxpayers resolve their disputes. This will give them financial relief and also strengthen their position in the law. Taxpayers are advised to take advantage of this scheme and resolve their disputes quickly.