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Finance Minister Nirmala Sitharaman in her Budget speech proposed to introduce the scheme for settlement of pending appeals | Representative Image
The ‘Vivad se Vishwas’ scheme announced in the Budget for settlement of pending direct tax appeals will be launched this year and its notification apart from relevant FAQs would be issued soon, CBDT chairman Ravi Agrawal said Wednesday.
Speaking to PTI during a post-Budget interview, the head of the direct taxes administration in the country said that a “substantial” number of income tax appeals are logged at the appellate stage in different forums and it is expected that a “reasonable” number of taxpayers will avail the new scheme.
The first ‘Vivad se Vishwas’ scheme for cases under the direct taxes or income tax category was brought out by the government in 2020 and, according to the CBDT chief, it was “quite successful” with about Rs 75,000 cr revenue being garnered and about a lakh taxpayers availing the scheme.
“The first date is (going to be) 31st of December by when we the taxpayer is supposed to actually opt for the scheme (Vivad se Vishwas 2024). Very soon, we will notify this scheme along with the FAQs (frequently asked questions) and all those things…,” Agrawal said.
Finance Minister Nirmala Sitharaman in her Budget speech proposed to introduce the scheme “for settlement of pending appeals”.
“It is proposed to be made operational from a specified date. Last date for the scheme is also proposed to be notified,” the minister said on Tuesday.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Jul 24 2024 | 7:30 P.M IS
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