Vivad Se Vishwas Scheme: While presenting Budget 2024, Finance Minister Nirmala Sitharaman had said that she would soon introduce a scheme to settle income tax disputes. Now CBDT has introduced the Direct Tax 'Vivad Se Vishwas Scheme'. It will come into effect from October 1. Under this scheme, efforts will be made to resolve income tax related disputes expeditiously.  

Benefits to those who come forward before 31 December 

This scheme of the Central Board of Direct Taxes has been brought under the Finance Act. A notification has also been issued regarding its rules. The new scheme will benefit those who come forward before December 31, 2024. After this, those filing will be given a lower settlement amount. 4 forms have been issued under the Dispute to Trust Scheme. 

• Form 1 - In this you will file a declaration and also give an undertaking
• Form 2 – This form will be for the certificate to be issued by the authority
• Form 3 – Under this form, the payment details will be given by the declarant 
• Form 4 – In this, information regarding full and final settlement of tax arrears will be given by the authority 

The form has to be filled online on the e-filing portal 

The new scheme states that if there are multiple disputes between the income tax authority and the appealing authority, Form-1 will have to be filled separately for each dispute. Information about payment has to be given in Form-3. In this, you will have to give it to the authority along with the proof of appeal, objection, application, writ petition, special leave petition or withdrawal of claim. Form-1 and Form-3 will have to be filled online on the e-filing portal of the Income Tax Department www.incometax.gov.in . The government hopes that with this scheme, disputes related to income tax will soon start ending.