The Direct Tax Vivad se Viswas Scheme 2024 was introduced through the Finance (No. 2) Act, 2024, with further provisions outlined in Notification No. 104/2024, G.S.R 584(E), issued on 20th September 2024. This scheme offers a simplified mechanism for settling tax disputes.
Vivad se Viswas Scheme 2024: The Central Board of Direct Taxes (CBDT) has officially notified the Direct Tax Vivad Se Vishwas (DTVSV) Rules, 2024, aimed at resolving pending income tax disputes, as announced in the Union Budget 2024-25 by Finance Minister Smt. Nirmala Sitharaman. The Scheme will be effective from 1st October 2024.
The DTVSV Scheme was introduced through the Finance (No. 2) Act, 2024, with further provisions outlined in Notification No. 104/2024, G.S.R 584(E), issued on 20th September 2024. This scheme offers a simplified mechanism for settling tax disputes, providing reduced settlement amounts for new appellants compared to old appellants. Additionally, taxpayers who submit their declarations on or before 31st December 2024 will benefit from lower settlement amounts compared to those who file after this date.
Key Features of the Vivad se Viswas Scheme, 2024:
Four Forms for Participation:
- Form-1: For filing the declaration and undertaking by the declarant.
- Form-2: Certificate issued by the Designated Authority.
- Form-3: Intimation of payment by the declarant.
- Form-4: Full and final settlement of tax arrears issued by the Designated Authority.
Form-1 Filing Requirement: Form-1 must be filed separately for each dispute. However, if both the taxpayer and the income-tax authority have filed appeals concerning the same order, a single Form-1 will suffice.
Electronic Submission: Both Form-1 and Form-3 are to be submitted electronically via the official Income Tax Department’s e-filing portal at www.incometax.gov.in.
Proof of Withdrawal: Taxpayers must submit Form-3 along with evidence of the withdrawal of any appeals, objections, writ petitions, or related legal actions.
For more details on the provisions of the DTVSV Scheme, 2024, taxpayers should refer to Sections 88 to 99 of the Finance (No. 2) Act, 2024, and the Direct Tax Vivad Se Vishwas Rules, 2024.
This Vivad se Viswas scheme marks another significant step by the Government in managing tax-related litigation and simplifying dispute resolution for taxpayers.
Click Here to Access the Notification
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CBDT Notifies Direct tax Vivad se Viswas Scheme 2024 to be operational from 1 October 2024