Vivad se Vishwas Scheme, meant to reduce pending income tax litigation, among other things, will finally close on April 30. Broadly, this is a dispute resolution mechanism in respect of pending income tax litigation for taxpayers.
The income tax department promises peace of mind to taxpayers, certainty and savings on account of time and resources which would otherwise be exhausted on the long-drawn court process.
These are some of the key things to know.
Which appeals are covered under the Vivad se Vishwas?
(i) a person in whose case an appeal or a writ petition (WP) or special leave petition (SIP) has been filed either by him or by the income-tax authority or by both, before an appellate forum and such appeal or petition is pending as on the specified date i.e. July 22, last year.
ii) A person who has filed his objection before the dispute resolution panel and it has not issued any direction on or before July 22.
iii) A person in whose case the DRP has issued directions under section 144C(5) of the Act and the assessing officer has not completed the assessment.
iv) A person who has filed an application for revision under section 264 of the Act and this application is pending before July 22
What are the various forms covered?
Form-l : This is the form for filing declaration and undertaking by the declarant; Form-2: It is the form for certificate to be issued by designated authority; Form-3: It is meant for intimation of payment by the declarant; and form-4: This is the order for full and final settlement of tax arrears by designated authority.
What is the eligibility to apply?
All the income tax appeals which are outstanding as on July 22, 2024, will be qualified for Vivad Se Vishwas Scheme 2024 whether they are withdrawn or disposed of or not.
Are disputes relating to wealth tax, STT, commodity transaction tax covered?
No, only the disputes relating to income tax are covered.
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