Vivad se vishwas scheme 2024 new

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The Vivad se Vishwas scheme allows assessees to settle tax disputes. If an assessment was made under Section 144 for AY 2017-18, opting for the scheme means you'll likely only pay the tax amount, with interest under sections 234A, 234B, and 234C waived. Furthermore, if a penalty notice under Section 271AAC has been issued but no order has been made, the penalty proceedings should be automatically dropped upon joining the scheme.

Krishna

Krishna (Querist)
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30 November 2024 sir ,
an assessee s assessment was carried out us 144 for AY 2017 18. Assessee now intends to go in scheme. Now assessee is required to pay only tax amount & no interest us 234A B & C is it correct ? second question is penalty notice us 271AAC is issued for income assessing us 69 i.e. unexplained money, however penalty order is not issued. If now assessee opts for scheme then penalty proceedings initiated us 271AAC will automatically dropped ?
please reply thanks in advance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 December 2024 Yes, the assessee will only be required to pay the tax amount and not the interest under sections 234A, 234B, and 234C, if the assessee opts for the scheme.

Yes, if the penalty order has not yet been issued and the assessee opts for the scheme, the penalty proceedings under Section 271AAC will generally be automatically dropped.

Krishna

Krishna (Querist)
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01 December 2024 Thank you very much sir

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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01 December 2024 You are welcome.

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