arrears To provide relief to taxpayers who are worried about paying taxes, the government has once again come up with the 'Vivaad se Vishwaas 2.0' scheme. This scheme will start from the first of next month. In this scheme, a big discount will be given on paying the outstanding tax. Let us tell you that in her budget speech, Finance Minister Nirmala Sitharaman had announced the Direct Tax 'Vivaad se Vishwaas' Scheme 2024 to resolve pending appeals in the case of income tax disputes. This scheme will come into effect from October 1, 2024.
There will be exemption on tax
The Income Tax Department on Saturday said it has notified the dispute resolution scheme 'Vivaad se Vishwas 2.0'. The scheme offers lower settlement amount for taxpayers filing declaration on or before December 31, 2024, as compared to those filing after that. In addition, rules and forms have also been notified to enable the scheme. The scheme provides for lower settlement amount for the 'new appellant' as compared to the 'old appellant', the Central Board of Direct Taxes (CBDT) said in a statement. The scheme provides for lower settlement amount for taxpayers filing declaration on or before December 31, 2024, as compared to those filing after that.
Four different forms were notified
Form-1: Form for filing declaration and undertaking by the declarant. Form-2: Form for certificate to be issued by the specified authority. Form-3: Form for intimation of payment by the declarant. Form-4: Order for full and final settlement of tax dues by the specified authority. The scheme also provides that Form-1 shall be filed separately for each dispute, provided that where both the appellant and the income tax authority have filed appeal in respect of the same order, in such a case a single Form-1 shall be filed. Intimation of payment is to be given in Form-3 and it is to be submitted to the specified authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of claim.
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