PHDCCI-K calls upon J&K businesses to avail  benefits of “Vivad Se Vishwas Scheme 2024”

By
Ziraat Times
-

Srinagar: The PHD Chamber of Commerce and Industries Kashmir (PHDCCI-K)  participated in an interactive seminar focused on the Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024. This event, organized by the Income Tax Department, took place at Aaykar Bhawan, Rajbagh, Srinagar, and attracted key stakeholders from the business community.

The PHDCCI delegation comprised prominent members including Co-Chair  Himayu Wani, CA Anil Sharma, Sajad Shah, and Deputy Director Iqbal Fayaz Jan. During the seminar, Himayu Wani highlighted the Vivad Se Vishwas Scheme as a groundbreaking legislative measure designed to empower taxpayers by offering a structured opportunity to resolve disputes with the income tax department. He noted that this initiative not only alleviates the financial burden on taxpayers but also enhances the efficiency of the judicial system, fostering a more conducive environment for business growth.

In a comprehensive presentation, Principal Income Tax Commissioner Vikram Sahay elaborated on the eligibility criteria for the scheme, clarifying that all appeals pending as of July 22, 2024, qualify for consideration, regardless of their current status—whether disposed of or withdrawn. This critical provision opens new pathways for timely and effective resolution of tax disputes, significantly benefiting the local business ecosystem.

PHDCCI-K said it is dedicated to assisting taxpayers in navigating the complexities of this vital scheme and is eager to foster further collaboration with the Income Tax Department for the advancement of the business community in Kashmir. The Chamber has urged  all taxpayers to take full advantage of the Vivad Se Vishwas Scheme 2024. Importantly, taxpayers must file their declarations by December 31 to benefit from the scheme’s provisions. Those who declare before this deadline will only be required to pay 100% of the disputed tax demand, with interest and penalties waived. However, taxpayers who file declarations after December 31 will be liable for 110% of the disputed tax demand.

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