Vivad Se Vishwas Scheme ends on April 30. Resolve your income tax disputes now
advertisementThe Vivad Se Vishwas Scheme is all about reducing pending tax cases and giving taxpayers a chance to settle things amicably. Let's take a quick look as to what you must know regarding this scheme.WHO ARE ELEIGIBLE TO APPLY?
You can apply under the Vivad Se Vishwas Scheme if your income tax dispute is still pending on or before 22 July 2024.This includes cases where either you or the tax department (or both) have filed an appeal, writ petition, or special leave petition, and the matter is yet to be resolved before any appellate authority or court.You are also eligible if you have filed an objection with the Dispute Resolution Panel (DRP) and no direction was issued before July 22.Further, if the DRP has issued directions under section 144C(5), but the assessing officer hasn't completed the assessment yet, you still qualify.advertisementEven those who have applied for a revision under section 264, and were awaiting a decision, can apply.WHAT KINDS OF DISPUTES ARE COVERED?Only income tax-related disputes are covered. If your dispute is regarding wealth tax, securities transaction tax (STT), or commodity transaction tax, then this scheme cannot be used.WHICH FORMS ARE NEEDED?Under the Vivad Se Vishwas Scheme, four main forms are used to complete the process. It starts with Form 1, where the taxpayer submits a declaration and undertaking. After reviewing it, the designated authority issues Form 2, a certificate confirming the details.The taxpayer then makes the payment and files Form 3 as proof to inform the authorities. The final form, Form 4, is the official order that confirms the tax dispute has been settled.KNOW THE DEADLINEThe last date to settle under this scheme is April 30, 2025. There are only a few days left, so don't wait until the last minute.
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