The Income Tax Department on Saturday said it has notified the dispute resolution scheme ‘Vivad Se Vishwas 2.0’.
Income Tax Department on Saturday said it has notified the dispute resolution scheme ‘Vivad Se Vishwas 2.0’. The scheme offers a lower settlement amount for taxpayers filing declarations on or before December 31, 2024, as compared to those filing after that.
Finance Minister Nirmala Sitharaman in her budget speech announced the Direct Tax ‘Vivaad se Vishwas’ Scheme 2024 to resolve pending appeals in income tax disputes. The scheme will come into effect from October 1, 2024. Apart from this, rules and forms have also been notified to enable the scheme.
The Central Board of Direct Taxes (CBDT) said in a statement that the scheme provides for a lower settlement amount for the ‘new appellant’ as compared to the ‘old appellant’. The scheme provides for a lower settlement amount for taxpayers filing the declaration on or before December 31, 2024 as compared to those filing after that. Four different forms have been notified.
Form-1: Form for filing declaration and undertaking by the declarant.
Form-2: Form for certificate to be issued by the specified authority.
Form-3: Form for intimation of payment by the declarant.
Form-4: Order for full and final settlement of tax dues by the specified authority.
✅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… pic.twitter.com/XHMxq4EvKc
— Income Tax India (@IncomeTaxIndia) September 21, 2024
The scheme also provides that Form-1 shall be filed separately for each dispute, provided that where both the appellant and the income tax authority have filed an appeal in respect of the same order, a single Form-1 shall be filed in such a case.
The information of payment is to be given in Form-3 and it is to be submitted to the specified authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of claim. Form-1 and Form-3 shall be submitted electronically by the declarant. These forms will be made available on the e-filing portal of the Income Tax Department. This scheme is a step towards reducing litigation.
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