Menu
………………………….
Notification No. 104/2024 in G.S.R. 584(E) dated 20th September 2024 – Direct Tax Vivad se Vishwas Rules, 2024
Applicable Act: Finance (No. 2) Act, 2024
Applicable Rules: Direct Tax Vivad Se Vishwas Rules, 2024.
Relevant Section: Section 88 to 99 of the Finance (No. 2) Act, 2024
In line with the announcement made by Union Finance Minister Smt. Nirmala Sitharaman in the Union Budget 2024-25, the Central Board of Direct Taxes (CBDT) has introduced the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024) to address pending appeals in case of income tax disputes. This scheme will take effect from October 1, 2024.
The DTVSV Scheme, 2024 was established through the Finance (No. 2) Act, 2024. Additionally, the rules and forms required for the scheme have been issued in Notification No. 104/2024 in G.S.R 584(E) dated September 20, 2024(Direct Tax Vivad Se Vishwas Rules, 2024).
The scheme aims to reduce income tax litigation by providing taxpayers with the chance to resolve ongoing income tax appeals, writs, and petitions that are pending before various appellate authorities, including the Supreme Court and high courts, as of July 22, 2024.
The DTVSV Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant’. The DTVSV Scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter.
Four separate Forms have been notified for the purposes of the DTVSV Scheme. These are as under:
Form-1 shall be filed separately for each dispute provided that where appellant and the income-tax authority, both have filed an appeal in respect of the same order, single Form-1 shall be filed in such a case. The intimation of payment is to be made in Form-3 and is to be furnished to the Designated Authority along with proof of withdrawal of appeal, objection, application, writ petition, special leave petition, or claim.
Forms 1 and 3 shall be furnished electronically by the declarant at www.incometax.gov.in.
Reference Link: Press Release by Ministry of Finance dated 21 September 2024: https://pib.gov.in/PressReleasePage.aspx?PRID=2057271
Disclaimer: The information contained in this Article is intended solely for personal non-commercial use of the user who accepts full responsibility of its use. The information in the article is general in nature and should not be considered to be legal, tax, accounting, consulting or any other professional advice. We make no representation or warranty of any kind, express or implied regarding the accuracy, adequacy, reliability or completeness of any information on our page/article.