The CBDT stated that the extension allows taxpayers additional time to determine the amount payable as specified in column (3) of the relevant table in the scheme.
Central Board of Direct Taxes,Vivad Se Vishwas scheme (Photo: iStock)
The Central Board of Direct Taxes (CBDT) extended the deadline for taxpayers participating in the Vivad Se Vishwas scheme to January 31, 2025. Initially, the deadline was set for December 31, 2024.
The CBDT stated that the extension allows taxpayers additional time to determine the amount payable as specified in column (3) of the relevant table in the scheme.
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For taxpayers categorised as new appellants, the amount payable for disputed tax on January 31, 2025, is 100 per cent of the disputed amount, increasing to 110 per cent if paid on February 1, 2025.
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Old appellants will face a charge of 110 per cent on January 31, 2024, which rises to 120 per cent the following day.
Regarding disputed interest, penalties, or fees, new appellants are required to pay 25 per cent on January 31, 2025, increasing to 30 per cent on February 1, 2025.
For old appellants, the amounts are 30 per cent on January 31, 2025, and 35 per cent on February 1, 2025.
In case, the appeal proceedings are made after January 31, 2020, they will be called new applicants and if done before January 31, 2020, they will be categorised as old applicants.
Union Finance Minister Nirmala Sitharaman announced the Vivad Se Vishwas scheme, aimed at helping taxpayers resolve disputes with the income tax department.
The scheme enables taxpayers to settle their outstanding tax liabilities by paying the disputed amount along with a specified percentage.
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