CBDT Extends Deadline for Determining Payable Amount Under Direct Tax Vivad Se Vishwas Scheme, 2024 [Read Circular]

The Central Board of Direct Taxes (CBDT) has extended the deadline for determining the payable amount under the Direct Tax Vivad Se Vishwas Scheme. The scheme provides taxpayers with an opportunity to resolve disputes regarding tax demands, including interest, penalty, and additional taxes, through a one-time settlement process. By availing of this scheme, taxpayers can avoid prolonged litigation and settle their dues at a reduced amount. The extension allows taxpayers more time to assess their liabilities and determine the amount payable to benefit from the scheme’s advantages. This move aims to bring about greater tax compliance and resolve pending disputes in an expedited manner. Taxpayers are encouraged to use the extended deadline to finalize settlements and avoid further legal consequences related to unresolved tax matters.