Lesser settlement amounts for those who file tax declaration by Dec 31

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Lesser settlement amounts for those who file tax declaration by Dec 31 - Business Standard

Quick Summary:

The Income Tax Department on Saturday said it has notified dispute resolution scheme Vivad Se Vishwas scheme 2.0 that provides for lesser settlement amounts for taxpayers who file declaration on or before December 31, 2024, in comparison to those who file thereafter.

Finance Minister Nirmala Sitharaman in her budget speech, announced the Direct Tax Vivad Se Vishwas Scheme 2024 to resolve pending appeals in the case of income tax disputes.

The Scheme provides for lesser settlement amounts for a 'new appellant' in comparison to an 'old appellant'.