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Guidance Note 2/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024

Type of Document: Circular

Relevant Act(s)/Rule(s): Income Tax Act, 1961, Chapter IV of Finance (No.2) Act, 2024

Circular Date: 16th December 2024

Circular No.: Circular No. 19 of 2024 

The Guidance Note 2/2024 issued on 16th December 2024 of Direct Tax Vivad Se Vishwas Scheme, 2024 aims to resolve pending income tax litigation, ensuring timely revenue and relief for taxpayers by providing answers to FAQs.
Background:
1. Commencement Date of Scheme: 1st October 2024
2. Rules & Forms for enabling the Scheme: Notified on 20th September 2024
3. Guidance Note 1/2024 was issued earlier (15th October 2024) to clarify FAQs.
4. Guidance Note 2/2024 provides further clarifications based on new stakeholder queries.
5. FAQ No. 8 from Guidance Note 1/2024 has been modified and renumbered as FAQ No. 36, and the original is now omitted.
Link: https://incometaxindia.gov.in/communications/circular/circular-19-2024.pdf

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