Income Tax News: Ravi Agrawal, the chairman of the CBDT, has announced that the ‘Vivad se Vishwas’ initiative, which aims to settle outstanding direct tax appeals, will be introduced this year. Agrawal stated in a post-Budget interview with PTI that the announcement for the scheme as well as relevant FAQs would be released soon.
Scheme to Address Pending Tax Appeals
Agrawal highlighted that a significant number of income tax appeals are pending at various appellate forums. He expressed optimism that many taxpayers would take advantage of the new ‘Vivad se Vishwas’ scheme to resolve their appeals.
Success of the First ‘Vivad se Vishwas’ Scheme
The first iteration of the ‘Vivad se Vishwas’ scheme, introduced in 2020, was quite successful, as per the CBDT chief. It generated about Rs 75,000 crore in revenue and was utilized by approximately one lakh taxpayers.
Important Dates and Notification
The deadline for taxpayers to opt for the ‘Vivad se Vishwas 2024’ scheme is December 31st. Agrawal assured that the scheme, along with the FAQs, would be notified soon.
Finance Minister’s Proposal
Finance Minister Nirmala Sitharaman, in her Budget speech, proposed the introduction of this scheme to settle pending appeals. She mentioned that the scheme would be operational from a specified date, with the last date to be notified soon.
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