CBDT Extends Deadline for Determining Payable Amount Under Direct Tax Vivad Se Vishwas Scheme, 2024 [Read Circular]
CBDT extends the deadline for determining payable amounts under the Direct Tax Vivad Se Vishwas Scheme, 2024, to January 31, 2025, offering taxpayers more time for dispute resolution.
CBDT Extends Deadline – Determining Payable Amount Under Direct Tax Vivad Se Vishwas Scheme – TAXSCAN
CBDT Extends Deadline – Determining Payable Amount Under Direct Tax Vivad Se Vishwas Scheme – TAXSCAN
The Central Board of Direct Taxes (CBDT) issues Circular No. 20/2024 dated December 30, 2024, extending the deadline for determining the amount payable under the Direct Tax Vivad Se Vishwas Scheme, 2024, from December 31, 2024, to January 31, 2025.
The due date for calculating the amount payable, as per column (3) of the Table under Section 90 of the scheme, is now extended to January 31, 2025. Declarations made on or after February 1, 2025, will be subject to higher amounts specified in column (4) of the same table.
Transform GST Learning: Master Sections Faster with Memory Power- Click here to know more
The amount payable will vary depending on whether the declaration is made before or after January 31, 2025. The detailed payment structure is outlined in the scheme’s Table
Table Specifying Payment Under the Scheme
| Sl. No. | Nature of Tax Arrear | Amount Payable if Declaration is Filed On or Before January 31, 2025 | Amount Payable if Declaration is Filed On or After February 1, 2025 |
| (a) | Disputed tax, interest, and penalty for cases where the appellant entered appeal after January 31, 2020 | Amount of disputed tax | Aggregate of disputed tax and 10% of disputed tax |
| (b) | Same as (a), but for cases where the appellant entered appeal on or before January 31, 2020 | Aggregate of disputed tax and 10% of disputed tax | Aggregate of disputed tax and 20% of disputed tax |
| (c) | Disputed interest, penalty, or fee for cases where the appellant entered appeal after January 31, 2020 | 25% of the disputed amount | 30% of the disputed amount |
| (d) | Disputed interest, penalty, or fee for cases where the appellant entered appeal on or before January 31, 2020 | 30% of the disputed amount | 35% of the disputed amount |
Declarations Filed by January 31, 2025: Taxpayers can settle their disputes by paying the lower amounts specified in column (3) of the table, benefiting from reduced penalties and interest.
Transform GST Learning: Master Sections Faster with Memory Power- Click here to know more
Declarations Filed on or After February 1, 2025: Taxpayers will need to pay the higher amounts detailed in column (4), which include additional percentages on the disputed tax, interest, or penalties.
To Read the full text of the Order CLICK HERE
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
