Taxpayers can opt for Vivad se Vishwas 2024 scheme from Dec 31: CBDT chairman

The ‘Vivad se Vishwas’ scheme announced in the Budget for the settlement of pending direct tax appeals will be launched this year and its notification apart from relevant FAQs would be issued soon, CBDT chairman Ravi Agrawal said on Wednesday.

The head of the direct taxes administration in the country told news agency PTI that a “substantial” number of income tax appeals are logged at the appellate stage in different forums and it is expected that a “reasonable” number of taxpayers will avail the new scheme.

The first Vivad se Vishwas scheme for cases under the direct taxes or income tax category was brought out by the government in 2020 and, according to the CBDT chief, it was “quite successful”, with about Rs 75,000 crore revenue being garnered and about a lakh taxpayers using the scheme.

“The first date is (going to be) 31st of December by when we the taxpayer is supposed to actually opt for the scheme (Vivad se Vishwas 2024). Very soon, we will notify this scheme along with the FAQs and all those things...,” Agrawal said.