Income Tax Department extends deadline for Vivad Se Vishwas Scheme

The Central Board of Direct Taxes (CBDT) has recently pushed back the deadline for taxpayers participating in the Vivad Se Vishwas scheme. The new deadline is now January 31, 2025, instead of the earlier date of December 31, 2024. This extension gives taxpayers more time to determine the amounts they need to pay under the scheme.

What is the Vivad Se Vishwas Scheme?

The Vivad Se Vishwas scheme is a program introduced by the Government of India to assist taxpayers in resolving disputes with the income tax department. It encourages both individuals and businesses to settle their unpaid tax issues peacefully. Taxpayers can pay their disputed amounts along with a certain percentage to close their cases, reducing the chances of lengthy legal battles and extra penalties.

Purpose of the Extension

The CBDT has explained that this extension provides taxpayers with extra time to assess their owed amounts. The goal is to make the resolution process easier for those who may need more time to collect necessary documents or funds. This change is expected to particularly help taxpayers facing legal challenges.