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The Central Board of Direct Taxes (CBDT) on Monday announced an extension of the deadline for taxpayers participating in the Vivad Se Vishwas scheme.
Initially set for December 31, 2024, the new deadline is now January 31, 2025.
The CBDT stated that the extension allows taxpayers additional time to determine the amount payable as specified in column (3) of the relevant table in the scheme.
In her Budget 2024 speech, Union Finance Minister Nirmala Sitharaman announced the Vivad Se Vishwas scheme, aimed at helping taxpayers resolve disputes with the income tax department.
The scheme enables taxpayers to settle their outstanding tax liabilities by paying the disputed amount along with a specified percentage.
By opting for this scheme, taxpayers can effectively conclude their disputes and steer clear of additional penalties.
According to the extended scheme, penalty charges will differ based on the date of payment.
For taxpayers categorised as new appellants, the amount payable for disputed tax on January 31, 2025, is 100 per cent of the disputed amount, increasing to 110 per cent if paid on February 1, 2025.
In contrast, old appellants will face a charge of 110 per cent on January 31, 2024, which rises to 120 per cent the following day.
Regarding disputed interest, penalties, or fees, new appellants are required to pay 25 per cent on January 31, 2025, increasing to 30 per cent on February 1, 2025
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