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.

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. 

To stay updated Subscribe to our newsletter today

Explore other Legal updates on the 1-Comply and follow us on LinkedIn to stay updated 

Schedule A Demo