New Delhi: The Ministry of Finance has officially announced that April 30, 2025, is the last date to submit declarations under the Direct Tax Vivad se Vishwas Scheme, 2024. This scheme aims to resolve long-pending income tax disputes between taxpayers and the government.
Scheme Introduced in Budget 2024
The Vivad se Vishwas Scheme was introduced in the Union Budget 2024 and came into effect on October 1, 2024. However, until now, there was no official deadline for availing its benefits. This new announcement brings clarity and a timeline for taxpayers interested in settling their disputes.
No Extension Hinted
As of now, According to Business Standard there is no indication from the government that the deadline will be extended. Taxpayers with pending appeals are advised to act quickly. According to Chetan Daga, a partner at AdvanceAge Consulting, the scheme is especially beneficial for those with ongoing appeal cases.
What the Scheme Offers
Under this scheme, a taxpayer can settle disputed tax demands by paying the full disputed amount. In return, the government waives off all interest and penalties linked to the case. This is a major incentive for taxpayers to resolve old disputes without additional financial burden.
Act Before April 30
To benefit from this scheme, eligible taxpayers must submit their declarations by April 30, 2025. Missing this deadline could mean losing out on the interest and penalty waivers offered under the scheme.
