The Income Tax Department, Visakhapatnam, in association with the Vizagapatam Chamber of Commerce & Industry (VCCI) and in co-ordination with The Institute of Chartered Accountants of India(ICAI), Visakhapatnam branch, conducted a Taxpayer Awareness programme, here on Wednesday.
The programme was held on Income Tax Act provisions relatable to the business community and also the DTVsV (Direct Taxes Vivad se Vishwas) Scheme-2024 introduced in the Finance Act 2024 to provide for dispute resolution in respect of pending tax litigation.
B. Srinivas, Principal Commissioner of Income Tax-1, Visakhapatnam, delivering the keynote address, spoke about taxpayers’ rights and responsibilities in filing of returns of income tax within the prescribed due dates, claiming genuine refunds, and adherence to payment of advance tax on or before stipulated due dates as per their estimated tax liability.
He also spoke on the latest DTVsV Scheme-2024, explaining that the scheme has been designed to mitigate income tax litigation by allowing taxpayers to resolve income tax appeals, writs, and petitions pending before various appellate authorities including the High Court and Supreme Court, as on the specified date July 22, 2024.
Published – December 19, 2024 08:15 am IST
