Direct tax Vivad se Vishwas Scheme, 2024
1. What is the Direct Tax Vivad se Vishwas Scheme, 2024 ?
The Direct Tax Vivad se Vishwas Scheme, 2024, is a Gonverment of India initiative designed to resolve disputes concerning Direct Taxes. It allows to settel pending litigation by paying a spesified amount, with a waiver of interest, penalty, and prosecution.
2. Eligibility to opt for the Direct Tax Vivad se Vishwas Scheme, 2024 :
Eligible Taxpayers Include
- Taxpayers with pending disputes related to Income Tax, including Disputes Tax, Interest, Penalty, or Fees.
- Disputes pending in appellate forums (Supreme Court, High Court, ITAT, Commissioner Appeals) as of July 22, 2024.
- Taxpayers with cases under revision or obligations filed with the Dispute Resolution Panel.
However, the Scheme Excludes
- Cases based on assessments arising from search or requisiton under section 132 (Search & Seizure), Section 132A, (Requisition of Books).
- Prosecution cases initiated before the date of filing the declaration.
- Undisclosed income or assets from sources located outside India.
- Assessment based on information under agreement in Section 90 or 90A related to tax arrears.
3. Last Date to opt for Scheme :
The last date for opting into the scheme has not yet explicity stated in the file will be notified by the Central Gonverment in the Official Gazatte.
4. Process :
- From-1 : Declaration and Undertaking.
- (file From-1 on or before 31-12-2024 to keep the amount payable on the lower threshold as per the above table.)
- From-2 : Certificate issued by the designated authority.
- From-3 : Intimation of payment and withdrawal of appeals.
- From-4 : Final order for settlement.
5.Summary of Amount payable and waiver under this Scheme :
| 5.Summary of Amount payable and waiver under this Scheme : | |||||||
|---|---|---|---|---|---|---|---|
| Sr. No. | Nature of Tax Arrear | Appeal Filed | Appeal filed by | On or Before 31-12-2024 | On or after 01-01-2025 | ||
| Amout Payable under this Scheme | Wiver given in this Scheme | Amount payable under this Scheme | Wiver given in this Scheme | ||||
| 1 | Disputeed Tax + Interest + Penalty | From 01-02-2020 to 22-07-2024 | Assessse | 100% of Tax | 100% of Interest + Penalty + Fees | 110% of Tax | 100% of Interest + Penalty + Fees |
| Income tax Department | 50% of Tax | 50% of Tax & 100% of interest + Penalty + Fees | 55% of Tax | 45% of Tax & 100% of interest + Penalty + Fees | |||
| 2 | Disputeed Tax + Interest + Penalty | On or Before 31-01-2020 | Assessse | 110% of Tax | 100% of Interest + Penalty + Fees | 120% of Tax | 100% of Interest + Penalty + Fees |
| Income tax Department | 55% of Tax | 45% of Tax & 100% of interest + Penalty + Fees | 60% of Tax | 40% of Tax & 100% of interest + Penalty + Fees | |||
| 3 | Disputed Interest Disputed Penalty + Disputed Fee | From 01-02-2020 to 22-07-2024 | Assessse | 25% Disputed Interest + Disputed Penalty + Disputed Fee | 75% of Disputed Interest + Disputed Penalty + Disputed Fee | 30% of Disputed Interest + Disputed Penalty + Disputed Fee | 70% of Disputed Interest + Disputed Penalty + Disputed Fee |
| Income tax Department | 12.5% of isputed Interest + Disputed Penalty + Disputed Fee | 87.5% of Disputed Interest + Disputed Penalty + Disputed Fees | 15% of Disputed Interest + Disputed Penalty + Disputed Fee | 85% of Disputed Interest + Disputed Penalty + Disputed Fee | |||
| 4 | Disputed Interest + Disputed Penalty + + Disputed Fee | On or Before 31-01-2020 | Assessse | 30% of Disputed Interest + Disputed Penalty + Disputed Fee | 70% of Disputed Interest + Disputed Penalty + Disputed Fee | 35% of Disputed Interest + Disputed Penalty + Disputed Fee | 65% of Disputed Interest + Disputed Penalty + Disputed Fee |
| Income tax Department | 15% of Disputed Interest + Disputed Penalty + Disputed Fee | 85% of Disputed Interest + Disputed Penalty + Disputed Fees | 17.5% of Disputed Interest + Disputed Penalty + Disputed Fee | 82.5% of Disputed Interest + Disputed Penalty + Disputed Fee | |||