Income Tax Relief, Vivaad se Vishwas Scheme was started by the government for disputed tax settlement, the deadline of which was 31 December 2024 but now it has been decided to extend it till 31 January 2025, let’s know its complete details
Income Tax Relief
Income Tax Relief Giving a big relief to the taxpayers for disputed tax settlement by the government, the government has extended its date from 31 December to 31 January, now the taxpayers will get one more month to pay their disputed tax with less amount.
Let us tell you that this scheme was announced by Finance Minister Nirmala Sitharaman in the first budget by Modi 3.0, in which the deadline of 31 December was fixed for disputed tax settlement under the Vivaad se Vishwas Scheme, but now a new decision has been taken by the government in which the date has been extended to 31 January 2025, in which now the taxpayer will get another chance to settle his disputed tax.
What is Vivad Se Vishwas Scheme?
Vivad Se Vishwas Scheme has been started by the Tax Department in which troubled taxpayers whose tax has not been settled were given time till 31 December 2024 to pay their tax, which has now been extended to 31 January 2025.
Date extended till 31 January 2025
Under the Vivad Se Vishwas Scheme, the government has decided to extend the date for settlement of disputed tax by giving Income Tax Relief. Its deadline was fixed as 31 December 2024, but now the government has given a notification to extend its deadline by one month. Those tax payers who have not yet settled their tax can settle their tax dispute till 31 January 2025, in which they can settle their tax dispute by paying a lesser amount.
110% will have to be paid
In Vivad Se Vishwas Scheme, those taxpayers who will not settle their disputed tax by 31 January will have to pay 110% tax on payment after this date. In this, those appellants who have not yet paid their disputed tax can pay the disputed tax till 31 January 2025, the taxpayer will have to pay 100% of the amount to pay this disputed amount by 31 January 2025, whereas this amount will increase to 110% on payment on 1 February 2025.
