This corrigendum notification specifies about some key amendments in few of the schedules of the Vivad se Vishwas Rules 2024
Central Board of Direct Taxes (CBDT) has issued Notification No. 105/2024 dated 27 September 2024, serving as a corrigendum to Notification No. 104/2024 dated 20 September 2024. This corrigendum addresses amendments related to the Direct Tax Vivad se Vishwas Rules 2024 (VsV 2.0). Below, we explore the key changes introduced through Notification No. 105/2024.
Key Amendments:
(i) Schedule V Amendment (Page 28): In row A, the phrase “OR to be filed” has been removed.
(ii) Schedule XXIII Amendment (Page 32): In row A, the words “or appeal to be filed” have been omitted.
(iii) Schedule XII Amendment (Page 29): In rows X and Y, the last term of the formula represented as [+(figure)* B], applicable for both new and old appellant cases, has been deleted.
(iv) Schedules XX to XXVI Amendments (Pages 31-32): In schedules XX, XXI, XXII, XXIII, XXIV, XXV, and XXVI, the last term of the formula in rows X and Y, represented as [+(figure)*C], for both new and old appellant cases, has been omitted.
Overview of the Vivad se Vishwas 2.0 Scheme
The Direct Tax Vivad se Vishwas (VsV) Scheme 2024 is designed to resolve direct tax disputes pending as of 22 July 2024, before various judicial bodies, including the Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal (ITAT), High Courts, and the Supreme Court. This scheme, effective from 1 October 2024, was enacted under the Finance (No. 2) Act, 2024, to streamline and settle ongoing tax disputes.
The VsV 2.0 Scheme aims to provide a mechanism for taxpayers to settle appeals, writ petitions, and special leave petitions pending before the Supreme Court, High Courts, ITAT, and Commissioner (Appeals) as of the cut-off date. It also covers cases with unresolved objections before the Dispute Resolution Panel (DRP) without a final assessment order and ongoing revision applications before the Commissioner.
Conclusion
The corrigendum issued through Notification No. 105/2024 brings important changes to the Vivad se Vishwas Rules 2024, further refining the VsV 2.0 Scheme. This initiative provides an opportunity for taxpayers to amicably resolve pending tax disputes and reduce litigation, promoting a more efficient and dispute-free tax environment in India.
To Access the Notification No. 105/2024 dated 27 September 2024 Click Here
To Access the Notification No. 104/2024 Dated 20 September 2024 Click Here
Also Read: CBDT Notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024
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