The ‘Vivad se Vishwas’ scheme, designed for settling pending direct tax appeals, will be officially launched this year, according to CBDT Chairman Ravi Agrawal. The scheme’s notification and relevant FAQs will be released soon.

In a recent interview with PTI, Agrawal highlighted the significant number of income tax appeals pending in various forums and expressed optimism that many taxpayers will take advantage of the new scheme.

The initial ‘Vivad se Vishwas’ scheme, introduced in 2020 for direct taxes or income tax matters, was notably successful. It generated approximately Rs 75,000 crore in revenue and saw around 100,000 taxpayers participating.

The new scheme is set to start on December 31, 2024. Agrawal emphasized that taxpayers will need to opt-in by this date. Detailed notifications, including FAQs, will be issued shortly.

Finance Minister Nirmala Sitharaman mentioned the introduction of this scheme during her Budget speech, aimed at settling outstanding appeals. The final deadline for participating in the scheme will also be announced in due course.