Vivaad se Vishwaas Scheme to reduce I-T disputes

CA Vijay Bansal has stated that increasing tax disputes are causing trouble for both the taxpayer and the Income Tax department.

- Our Staff Reporter

Both the taxpayer and the department have to bear the cost due to tax disputes. With the aim of reducing this, 'Vivaad se Vishwaas Scheme' was announced in Budget 2024.

As per the scheme, pending income tax disputes at any level on 22 July 2024, such as pending appeals (Commissioner's Appeal, Income Tax Tribunal, High Court, Supreme Court), pending or settled matters before the Dispute Resolution Panel (DRP), and other cases may be included in it. The administration, manner, filing procedure of this scheme is similar to the Direct Tax Vivaad se Vishwas Scheme introduced in 2020.