- NEW DELHI — As April draws to a close, several important income tax-related
deadlines are set to end on Wednesday, including the last date to apply under
the ‘Vivad Se Vishwas’ scheme, the submission of Forms 15G and 15H at banks,
and payment of TDS for the January-March quarter.
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- The ‘Vivad Se Vishwas’ scheme, introduced by the
government to reduce income tax-related litigation, will conclude on April 30.
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- This scheme allows taxpayers to declare their pending tax
dues and settle disputes by paying only the principal amount of tax.
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- If the taxpayer pays the specified tax amount, all
associated penalties and interest will be waived, and the case will be
considered resolved.
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- The 2024 version of the scheme aims to offer a simplified
route to resolve old tax cases that are currently pending before courts or
appellate authorities.
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- According to the Finance Ministry, the scheme provides
complete relief from penalty and interest if the disputed tax amount is paid in
full.
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- This move is expected to help the government clear a
significant backlog of tax litigation and provide relief to taxpayers burdened
with long-pending disputes.
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- Another critical deadline today is the submission of
Forms 15G and 15H to banks. These self-declaration forms are submitted by
individuals whose annual income is below the taxable limit.
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- By submitting these forms, taxpayers request banks not to
deduct TDS (Tax Deducted at Source) on interest income.
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- Form 15G is applicable for individuals below 60 years of
age, while Form 15H is for senior citizens above 60 years.
