It has reduced the number of forms and streamlined the process for settlement into a four-step process, unlike the previous scheme.
As per the notification, a taxpayer needs to first file an application and submit an undertaking to withdraw the dispute. Fifteen days after the filing of application, the tax officer concerned will certify the amount payable for settlement.
After the issuance of a tax certificate, the taxpayer will have to make the payment within 15 days and withdraw the dispute from the appellate forum, and notify the tax officer. After that, the tax officer will issue a certificate of settlement.
“While broadly the process is similar to earlier schemes, a notable relief is that payment rates are determined based on the date of application,” said Karishma R Phatarphekar, Partner, Deloitte India.”Applications submitted on or before 31 December 2024 can settle at regular rates, while those filed on or after 1 January 2025 will be subject to enhanced rates, provided payments are made within the specified timeframes,” Phatarphekar added.On Friday, the board had appointed October 1, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force.
Content Source: economictimes.indiatimes.com