Vivaad Se Vishwas Scheme 2024 for settling direct income tax disputes coming soon: Budget 2024 Earlier, this scheme was introduced in 2020 which got a very encouraging response from the taxpayers and also resulted in garnering substantial revenue for the Government
Budget 2024 proposes to bring back Vivaad se Vishwas Scheme- a direct tax dispute resolving scheme. This scheme is being re-introduced in order to resolve disputed direct tax issues and eliminate litigation at a low cost to the government. Earlier, this scheme was introduced in 2020 which got a very encouraging response from the taxpayers and also resulted in garnering substantial revenue for the Government.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
#Budget' 2024 with ET
Budget Highlights: Your 2-minute guide
What's in Sitharaman's Budget for you?
What's cheaper and what's costlier? Here's the list
Direct Tax Vivaad se Vishwas Scheme 2024
Due to more cases going to appeal than being resolved, there is an increase in the amount of litigation pending at different levels. Given the accomplishments of the prior Vivaad Se Vishwas Act, 2020 and the growing backlog of appeals at CIT(A), the Budget has re-introduced Direct Tax Vivad se Vishwas Scheme 2024.Indexation benefit on sale of property removed; new LTCG rate of 12.5% announced for capital gains on sale of property
The Central Government will notify the effective implementation date and the end date for the Vivaad Se Vishwas Scheme 2024.
.budget_widget{background-color:#fceae3;padding:15px;box-sizing:border-box;margin:10px 0;} .budget_widget .head_banner{text-align:center;} .budget_widget .head_banner > a{text-decoration:none;} .budget_widget .head_banner > a:hover{text-decoration:none;} .head_banner img{width:85%;height:auto;} .budget_widget .stories_wrap{margin-top:8px;} .stories_wrap .small_story{width:23%;box-sizing:border-box;margin-right:15px;vertical-align:top;display:inline-block;} .stories_wrap .small_story:last-child{margin-right:0px;} .stories_wrap .small_story img{width:100%;height:auto;border-radius:3px;} .artText a{border:none;color:#000;} .stories_wrap .small_story h4{color:#000;font-family:Montserrat;font-weight:normal;font-size:14px;line-height:20px; height: 80px; overflow: hidden; text-overflow: ellipsis; display: -webkit-box; -webkit-line-clamp: 4; -webkit-box-orient: vertical;} .budget_widget .more_wrap{text-align:right;} .budget_widget .more_wrap > a{color:#ed193b;padding-right:20px;font-size:17px;} .budget_widget .more_wrap > a:before,.budget_widget .more_wrap > a:after{content: ''; border-top: 2px solid #ed193b; display: inline-block; border-left: 2px solid #ed193b; position: relative; transform: rotate(135deg); top: -1px; left: 5px; width: 6px; height: 6px;} .budget_widget .more_wrap > a:before{left:92px;}
Just tuning in? These are the biggest announcements from Sitharaman this morning
New income tax slabs announced in new tax regime in Budget 2024
Govt withdraws equalisation levy of 2%: FM Nirmala Sitharaman in Budget speech
Union Budget 2024: Indexation removal may offset lower LTCG tax benefits for property transactions
More NewsAccording to the budget announcement, "The Income-tax Act, 1961 provides for a mechanism of filing of appeals against orders passed under the proceedings of the Act, both by the taxpayer and the Department before respective appellate fora, such as Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals), the Income-Tax Appellate Tribunal, High Courts and Hon'ble Supreme Court. It has been the endeavour of the Central Board of Direct Taxes to provide expeditious disposal of appeals by appellate authorities under its administrative control."
One such law, the Direct Tax Vivaad Se Vishwas Act, 2020, was introduced on January 31, 2020, for appeals that were pending. The taxpayers responded to the Scheme in a very positive way, and it also brought in a significant amount of money for the government, according to the explanatory memorandum.
Direct Tax Vivaad Se Vishwas Act, 2020
The Direct Tax Vivad se Vish-was Act, 2020 was introduced with the intention of reducing the amount of pending income tax litigation, generating timely revenue for the government, and benefiting taxpayers by offering them savings, certainty, and peace of mind due to the fact that less time and money would have been spent on the litigation process.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;}
#Budget' 2024 with ET
New slabs announced in new income tax regime
This story originally appeared on: India Times - Author:Faqs of Insurances
