Vivad Se Vishwas Direct Tax Scheme 2024: Check Benefits, Who Can Use the Scheme, And How To Implement It From October 1

Vivad Se Vishwas Scheme 2024: The Central Board of Direct Taxes (CBDT) has announced the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV), which will take effect on October 1, 2024. The Direct Tax Vivad Se Vishwas scheme aims to reduce income tax litigation by enabling taxpayers to resolve pending income tax appeals, writs, and petitions before various appellate authorities, including the Supreme Court and high courts, as of July 22, 2024. 

Notably, the much-anticipated relief was announced in Budget 2024 presented in July this year by the Hon'ble Finance Minister Nirmala Sitharaman. 

Features Of Direct Tax Vivad Se Vishwas Scheme 

The new appellants will receive lower settlement amounts compared to the old appellants. Additionally, taxpayers who submit their declarations by December 31, 2024, will also be eligible for reduced settlement amounts. 

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

To Implement The Scheme Four Specific Forms Have Been Introduced 

Form-1: Declaration and undertaking by the declarant

Form-2: Certificate issued by the Designated Authority

Form-3: Intimation of payment by the declarant

Form-4: Order for full and final settlement of tax arrears 

Who Can Use The Scheme?

The Direct Tax Vivad Se Vishwas Scheme, 2024, applies to cases where appeals have been filed with the Commissioner (Appeals), Dispute Resolution Panel (DRP), Income Tax Appellate Tribunal (ITAT), High Court, or Supreme Court. 

Who Will Get Benefit From Direct Tax Vivad Se Vishwas Scheme?

A person who has an appeal, writ petition, or special leave petition pending before an appellate authority, whether filed by themselves, the income-tax authority, or both, as of the specified date. 

A person for whom the Dispute Resolution Panel has issued a direction under subsection (5) of section 144C of the Income-tax Act, but whose assessment has not been completed by the Assessing Officer under subsection (13) of that section by the specified date. 

A person who has submitted objections to the Dispute Resolution Panel under section 144C of the Income-tax Act, where no direction has been issued by the Panel on or before the specified date. 

A person who has applied for revision under section 264 of the Income-tax Act, with the application still pending as of the specified date.