Income Tax Alert! DTVSV Scheme, 2024 Extended Deadline Due in 10 Days
Taxpayers now have just ten days left to make their declarations under favorable terms
In a crucial move to provide relief to taxpayers, the Central Board of Direct Taxes ( CBDT ) had extended the deadline for determining payable amounts under the Direct Tax Vivad Se Vishwas ( DTVSV ) Scheme, 2024. Taxpayers now have just ten days left to make their declarations under favorable terms. Initially set to close on December 31, 2024, the new due date is January 31,...
In a crucial move to provide relief to taxpayers, the Central Board of Direct Taxes ( CBDT ) had extended the deadline for determining payable amounts under the Direct Tax Vivad Se Vishwas ( DTVSV ) Scheme, 2024. Taxpayers now have just ten days left to make their declarations under favorable terms.
Initially set to close on December 31, 2024, the new due date is January 31, 2025. Declarations filed on or before January 31, 2025, will follow the lower rates.
For declarations made on or after February 1, 2025, higher rates will apply.
DISPUTES COVERED
All disputes (subject to some exclusion), in relation to Tax, Penalty, Interest, Fee, TDS or TCS.
ELIGIBILITY
• Appeal/writ filed on or before 22.07.2024 and such appeal/writ is pending as on 22.07.2024.
• Taxpayer who has filed objections before Dispute Resolution Panel (DRP) and DRP has not issued any directions on or before 22.07.2024.
• Taxpayer in whose case DRP has issued direction but the Assessing Officer has not completed assessment on or before 22.07.2024.
• Taxpayer who has filed an application for revision u/s 264 of the Act and such application is pending as on 22.07.2024.
Individuals and organizations with pending tax disputes are encouraged to act promptly.
Tax professionals and chartered accountants are also expected to assist their clients in fully utilizing this opportunity.
Get a Complete Kit of Essential Books for Daily Practice, Click Here
For additional information, consult the official Income Tax Department portal or seek guidance from authorized representatives and tax consultants.
The CBDT has reiterated the importance of meeting this new deadline to avoid increased financial liabilities, stating that, “File your declaration under the scheme on or before 31.01-2025 to pay lesser amount for settlement of appeal.
On filing declaration on or after 01.02.2025, the settlement amount becomes higher.”
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
