How to apply for Vivad se Vishwas Scheme 2024
Important Deadlines:
The deadline for filing declarations under the scheme has been extended to January 31, 2025.
Declarations filed after this date will incur an additional 10% tax liability. Therefore, it's advisable to complete the process before the deadline to avoid extra charges.
Additional Information:
The scheme became effective on October 1, 2024.
The payable amount varies based on the nature of the tax arrears and whether the taxpayer is a new or old appellant. For instance, new appellants settling disputed tax, interest, or penalty are required to pay 100% of the disputed tax if the declaration is filed on or before January 31, 2025, and 110% if filed thereafter.
Here’s a general guide on how to apply for the Vivad se Vishwas Scheme based on the previous version:
Steps to Apply for Vivad se Vishwas Scheme ( reintroduced in 2024):
1. Check Eligibility:
- Verify if your tax dispute falls under the scope of the scheme. Typically, it covers pending appeals related to direct taxes (income tax, corporate tax, etc.) as of a specified date.
- Ensure the dispute is eligible for resolution under the scheme.
2. Calculate the Amount Payable:
- Determine the amount payable under the scheme based on the disputed tax amount and the timeline for payment.
- The scheme usually offers a waiver of interest and penalties if the payment is made within the specified period.
3. File Form VSV-1 :
- Log in to the Income Tax Department’s e-filing portal ([https://www.incometax.gov.in](https://www.incometax.gov.in)).
- Fill out Form VSV-1, which is the declaration form for the scheme.
- Provide details of the disputed tax, appeal, and the amount payable.
4. Upload Required Documents:
- Attach necessary documents, such as the order copy of the disputed tax case, challan details, and any other supporting documents.
5. Pay the Amount:
- Pay the amount calculated under the scheme using the designated payment methods (e.g., online payment, challan, etc.).
- Ensure you keep the payment receipt for future reference.
6. Submit the Form:
- Submit the completed Form VSV-1 along with the payment details on the e-filing portal.
7. Receive Discharge Certificate:
- Once the application is processed and approved, the Income Tax Department will issue a Discharge Certificate.
- This certificate confirms the resolution of the dispute, and no further appeals or claims can be made on the same matter.
Key Points to Remember:
- The scheme is voluntary, and taxpayers must opt-in to resolve their disputes.
- The scheme typically offers a full waiver of interest and penalties if the payment is made by the specified deadline.
- If the scheme is reintroduced in 2024, the government may announce specific deadlines and updated guidelines.
Stay Updated:
- Monitor official announcements from the Ministry of Finance or the Income Tax Department for any updates on the reintroduction or extension of the Vivad se Vishwas Scheme in 2024.
- Visit the official Income Tax e-filing portal for the latest notifications and forms.
If the scheme is reintroduced, the process will likely be streamlined and user-friendly, similar to the previous version.