New Delhi [India], December 30 : The government has extended by a month the due date to resolve pending appeals in the case of income tax disputes under the Vivad Se Vishwas Scheme.
The Central Board of Direct Taxes (CBDT) extended the due date for determining amount payable from December 31, 2024, to January 31, 2025. The CBDT has put out a notification in this regard on Monday.
The Vivad Se Vishwas Scheme was initially announced in the Union Budget for 2024-25. On September 20, the CBDT notified the Scheme that came into force with effect from October 1.
The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'.
Also, it provides for lesser settlement amounts for taxpayers who file declaration on or before January 31, 2025, in comparison to those who file thereafter.
This Scheme is another initiative of the government towards litigation management.
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