- CBDT notifies Rules & Forms for Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024).
- The DTVSV, 2024 announced by the Hon’ble Finance Minister in her budget speech, shall come into force from 01.10.2024.
- Rules and Forms for enabling the Scheme have been notified vide Notification No. 104/2024 in G.S.R 584(E) dated 20.09.2024.
- There is provision of lesser settlement amount for ‘new appellants’ who file declaration on or before 31.12.2024.
- An initiative of the Government to resolve pending appeals in the case of income tax disputes.
- Another step towards litigation management. Details available in Press Release: https://pib.gov.in/PressReleasePage.aspx?PRID=2057271
📢 CBDT Notifies Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024 📝 | Scheme Effective from 1st October 2024
In line with the announcement made in the Union Budget 2024-25, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme (DTVSV), 2024. This scheme aims to resolve pending income tax disputes by offering a streamlined settlement process with lesser settlement amounts for new appellants compared to old appellants. Additionally, taxpayers filing declarations before 31st December 2024 will benefit from reduced settlement amounts.
Key highlights of the scheme include:
- Forms for the Scheme:
- Form-1: Declaration and Undertaking
- Form-2: Certificate from the Designated Authority
- Form-3: Intimation of payment
- Form-4: Order for Final Settlement
- Electronic Filing: Forms 1 and 3 must be filed electronically on the Income Tax Department’s portal.
- Settlement of Disputes: The scheme offers a clear framework for settling tax arrears and disputes, with a focus on reducing litigation.
For more details, you can refer to Sections 88 to 99 of the Finance (No. 2) Act, 2024, and the Direct Tax Vivad Se Vishwas Rules, 2024.
This initiative is part of the government’s effort to manage litigation and reduce tax disputes efficiently.
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