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INDORE (MADHYA PRADESH): The Income Tax Department’s Vivad se Vishwas Scheme 2.0 was launched at the beginning of October. The scheme offers taxpayers an opportunity to save money and get
rid of disputes. According to official information, the Income Tax Department has implemented the Vivaad se Vishwas Scheme 2024. One can utilise the scheme to put an end to old disputes.
Besides, cases related to huge tax demands, interest and penalty too could be resolved by just paying the tax amount and the huge demand would be nullified. This is a great opportunity to
move ahead without any dispute by reducing large potential expenditure and save money. The Income Tax Department has decided to end disputes pending in form of appeal till July 22 this year.
Disputes which are pending due to appeal by the Income Tax department too could be resolved by depositing 50% of the tax amount. The taxpayer will have to apply in a prescribed format as
per Section 91 of the Income Tax Act. On acceptance of the application, the tax will have to be deposited by December 31 of this year. On late submission, 10% additional tax will have to be
paid on the tax. As of today, 5.50 lakh appeals are pending at various levels. Hence by special notification the scheme was implemented from October 1. Notification of rules and format of
the scheme became effective from September 30. CA SN Goyal said that similar scheme was launched in 2020 in which taxpayers benefited in about 1.5 lakh cases.
