Today is the last day of the year 2024 and the new year (New Year 2025) is going to start from tomorrow, meanwhile, big news has come for the taxpayers. Actually, the Income Tax Department has extended the deadline of Vivad Se Vishwas Scheme at the last moment. The last date of this scheme was fixed as 31st December, which has now been extended till 31st January. This means that for one more month, taxpayers can settle their disputed taxes with a lower amount. Let us tell you that this scheme was announced by the Finance Minister in the first budget of Modi 3.0. Let us know about it in detail…
Deadline extended by one month
The Income Tax Department had started the Vivad Se Vishwas scheme to settle the disputed tax issues of the taxpayers, in which the taxpayers troubled by income tax disputes can get it done by paying a lower amount. The deadline of this scheme was also going to end on 31st December 2024 i.e. today. But the Income Tax Department issued a notification in this regard on Monday itself and announced to extend its deadline by 1 month. If you want to settle the tax dispute by taking advantage of this scheme, then you now have time till January 31, 2025.
Otherwise you will have to pay 110%
Central Commission of Direct Taxes i.e. CBDT has issued a notification saying that now the benefit of Vivad Se Vishwas Scheme will be available next year also and disputed taxes can be settled till January 31. It is clearly stated that if the taxpayers are not able to settle their disputes by the new deadline, then in such a situation, 110 percent of the disputed tax demand will have to be paid for the declarations made on or after February 1, 2025.
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These taxpayers will benefit from the scheme
The benefit of Vivad Se Vishwas Yojana will be available to such taxpayers, whose complaint has been filed in relation to the disputed tax related case. Taxpayers who have filed a petition in the Supreme Court, High Court or Income Tax Appellate Tribunal by July 22, 2024, or have appealed on behalf of the tax officers, then they will get the benefit of tax settlement by paying a lower amount under this scheme. Can get.
The government hopes that this scheme will solve about 2.7 crore direct tax demands, the total amount of which will be about Rs 35 lakh crore. Four types of forms have been issued under this scheme of the Income Tax Department, which was started to dispose of these cases quickly.
These four forms have been issued
Form 1 – In this you will give declaration file and undertaking.
Form 2 – This will be for the certificate issued by the authority.
Form 3 – Under this form, payment information will be given by the declarant.
Form 4 – Information about full and final settlement of tax arrears will be given by the authority.
Form 1 and 3 are most important
In the Vivad se Vishwas government scheme, Form-1 will have to be filled separately for every dispute related to income tax. You will have to share payment information in Form-3. In this, you will have to submit appeal, objection, application, writ petition or proof of withdrawal of claim to the authority. Forms 1 and 3 can be submitted electronically by taxpayers. These forms will be made available on the e-filing portal of the Income Tax Department i.e. www.incometax.gov.in.
What is direct and indirect tax?
Income tax comes under direct tax in India. People who fall within the prescribed range have to pay tax as per their income bracket and file Income Tax Return (ITR). Matters related to goods and services tax i.e. GST come under indirect tax. Whatever goods you buy or use any service like telecom, you have to pay GST on it.