hi
I have paid the full tax as determined by AO in the assessment order us 147. Thereafter AO passed penalty order us 271 1 c @ 300% of tax. For that order I had filed appeal. now If I go in scheme 2024 then how much penalty we have to pay. Is it 25% of total penalty amount or full penalty will be waived. ?
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Vivad se vishwas scheme 2024.
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Quick Summary
"Vivad se Vishwas Scheme, 2020". This scheme aims to settle pending tax disputes. If you opt for this scheme, the penalty amount payable would be: - 25% of the penalty amount if you pay the disputed tax amount and the 25% penalty amount by the specified deadline (typically 31st March 2024). However, it's essential to note that: - If the penalty order has been passed under Section 271(1)(c), which is for concealing income or furnishing inaccurate particulars, the scheme may not provide a complete waiver of the penalty. - The scheme provides for a reduction of the penalty amount to 25% of the total penalty amount,
but this is subject to certain conditions and approvals. To confirm the exact amount payable and the eligibility criteria,
consult a tax professional or expert who can guide you through the process and ensure compliance with the scheme's requirements. Additionally, carefully review the scheme's provisions and any updates or notifications issued by the tax authorities.
Yes 25 percent of penalty amount
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