Latest news with #VivadSeVishwasScheme
Mint
4 days ago
- Business
- Mint
Ravi Agrawal re-appointed as CBDT Chairman
The government has re-appointed Ravi Agrawal as the chairman of the Central Board of Direct Taxes (CBDT) for another year starting from 1 July, an official order said on Saturday. The decision was made by the Appointments Committee of the Cabinet (ACC), according to a statement from the department of personnel and training. The appointment is on contract basis from 1 July to 30 June 2026 or until further orders, whichever is earlier, the statement said. ACC also cleared the appointment of 1989 batch Indian Police Service officer Parag Jain as secretary, research and analysis wing (R&AW) under cabinet secretariat for two years, showed a separate order. Ravi Agarwal has been leading the tax authority's efforts to transform tax administration to a trust-based one, which relies on voluntary compliance. In the Union budget for 2025-26, the government announced personal income tax relief to middle-income earners, which is estimated to be worth ₹ 1 trillion in terms of revenue forgone. The move could spur consumption, boost the economy and in turn boost revenue receipts as well. Agarwal is also closely involved in drafting a new Income Tax Bill to replace the existing law. The government believes tax reform is key to realising the country's development goals. The new Income Tax Bill is expected to be clear and direct in text and in terms of both chapters and words, only close to half of the present law. A Parliamentary panel is currently looking into it. The new Bill is expected to be simple to understand for taxpayers and the tax administration, leading to tax certainty and reduced litigation. Under Agarwal's watch, the CBDT also rolled out a Vivad Se Vishwas Scheme in 2024 to resolve income tax disputes pending in appeal. The scheme has received a great response, with nearly 33,000 taxpayers having availed of this scheme to settle their disputes, finance minister Nirmala Sitharaman announced in her budget speech in February.
Mint
29-04-2025
- Business
- Mint
From Vivad Se Vishwas to Forms 15G and 15H, these 5 income tax deadlines expire on April 30. Check list
There are a number of income tax (I-T)-related deadlines that are set to expire on April 30, 2025. One of the most pertinent ones is the deadline for the Vivad Se Vishwas Scheme 2024. Meant to reduce pending income tax litigation, among other things, this scheme will finally end on April 30. This is a dispute resolution mechanism for taxpayers' pending income tax litigation. All the income tax-related outstanding appeals on July 22, 2024, will be eligible for the Vivad Se Vishwas Scheme 2024, whether they are withdrawn, disposed of or not. These are some of the key deadlines which income taxpayers should be aware of: I. Vivad Se Vishwas Scheme: The Central Board of Direct Taxes (CBDT) has notified April 30 as the last date, on or before which a declaration in respect of tax arrears can be filed by the declarants to the designated authority under the Direct Tax Vivad Se Vishwas Scheme, 2024. II. Deposit of tax deducted at source (TDS): April 30 is the last date for the January to March 2025 period when the assessing officer has permitted quarterly TDS deposits under section 192, 194A, 194D or 194H. III. Form 15G and Form 15H: April 30 is the last date for uploading declarations received from recipients in Form 15G and 15H during the quarter ending March 2025. For the uninitiated, 15G and 15H are self-declaration forms submitted by taxpayers to the bank requesting not to deduct TDS on interest income because their annual income falls below the basic exemption limit. Form 15G is submitted by taxpayers below 60 years of age and 15H by taxpayers above 60 years of age. IV. Tax deducted under section 194S: April 30 is the due date for furnishing of challan-cum-statement in respect of tax deducted under section 194S (by a specified person) in March 2025. V. Tax deducted under other provisions: April 30 is the due date for deposit of tax deducted by an assessee other than an office of the government for March 2025. Additionally, it is the due date for furnishing challan-cum-statement in respect of tax deducted under sections 194-IA, 194-IB, 194M and 194S. Visit here for all personal finance updates. First Published: 29 Apr 2025, 06:43 PM IST
India Today
22-04-2025
- Business
- India Today
Vivad Se Vishwas Scheme ends on April 30. Resolve your income tax disputes now
If your income tax dispute is still unresolved, now is the time to act. The Vivad Se Vishwas Scheme, which was introduced to enable taxpayers in resolve income tax disputes without having to endure lengthy court proceedings, will come to an end on April 30, Income Tax Department shared a post on X, 'CBDT notifies 30.04.2025 as the last date, on or before which a declaration in respect of tax arrears can be filed by the declarants to the designated authority under the Direct Tax Vivad se Vishwas Scheme, 2024.' advertisementThe Vivad Se Vishwas Scheme is all about reducing pending tax cases and giving taxpayers a chance to settle things amicably. Let's take a quick look as to what you must know regarding this ARE ELEIGIBLE TO APPLY? You can apply under the Vivad Se Vishwas Scheme if your income tax dispute is still pending on or before 22 July includes cases where either you or the tax department (or both) have filed an appeal, writ petition, or special leave petition, and the matter is yet to be resolved before any appellate authority or are also eligible if you have filed an objection with the Dispute Resolution Panel (DRP) and no direction was issued before July if the DRP has issued directions under section 144C(5), but the assessing officer hasn't completed the assessment yet, you still those who have applied for a revision under section 264, and were awaiting a decision, can KINDS OF DISPUTES ARE COVERED?Only income tax-related disputes are covered. If your dispute is regarding wealth tax, securities transaction tax (STT), or commodity transaction tax, then this scheme cannot be FORMS ARE NEEDED?Under the Vivad Se Vishwas Scheme, four main forms are used to complete the process. It starts with Form 1, where the taxpayer submits a declaration and undertaking. After reviewing it, the designated authority issues Form 2, a certificate confirming the taxpayer then makes the payment and files Form 3 as proof to inform the authorities. The final form, Form 4, is the official order that confirms the tax dispute has been THE DEADLINEThe last date to settle under this scheme is April 30, 2025. There are only a few days left, so don't wait until the last minute.
Mint
21-04-2025
- Business
- Mint
Income Tax: Last 9 days left before Vivad Se Vishwas scheme comes to an end
Vivad se Vishwas Scheme, meant to reduce pending income tax litigation, among other things, will finally close on April 30. Broadly, this is a dispute resolution mechanism in respect of pending income tax litigation for taxpayers. The income tax department promises peace of mind to taxpayers, certainty and savings on account of time and resources which would otherwise be exhausted on the long-drawn court process. These are some of the key things to know. (i) a person in whose case an appeal or a writ petition (WP) or special leave petition (SIP) has been filed either by him or by the income-tax authority or by both, before an appellate forum and such appeal or petition is pending as on the specified date i.e. July 22, last year. ii) A person who has filed his objection before the dispute resolution panel and it has not issued any direction on or before July 22. iii) A person in whose case the DRP has issued directions under section 144C(5) of the Act and the assessing officer has not completed the assessment. iv) A person who has filed an application for revision under section 264 of the Act and this application is pending before July 22 Form-l : This is the form for filing declaration and undertaking by the declarant; Form-2: It is the form for certificate to be issued by designated authority; Form-3: It is meant for intimation of payment by the declarant; and form-4: This is the order for full and final settlement of tax arrears by designated authority. All the income tax appeals which are outstanding as on July 22, 2024, will be qualified for Vivad Se Vishwas Scheme 2024 whether they are withdrawn or disposed of or not. No, only the disputes relating to income tax are covered. Visit here for other personal finance updates First Published: 21 Apr 2025, 03:50 PM IST
