FINANCE

New Rule For Taxpayers Kicks In From Tomorrow, 1 October 2024 — Details Of Direct Tax Vivad Se Vishwas Scheme 2024

New Delhi: The Central Board of Direct Taxes (CBDT) recently notified Rules and Forms for Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, which will come into force with effect from tomorrow (1 October 2024).

The Direct Tax Vivad Se Vishwas Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant

Also ReadBig news for GST taxpayers: Clear old dues without extra costs. Here is what you need to know

“In pursuance of the announcement in Union Budget 2024-25 by Union Minister for Finance and Corporate Affairs Smt. Nirmala Sitharaman, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes. The said Scheme shall come into force with effect from 1st Oct. 2024,” said an official release.

The DTVSV Scheme, 2024 was enacted vide Finance (No. 2) Act, 2024.  Further, the Rules and Forms for enabling the Scheme have also been notified vide Notification No. 104/2024 in G.S.R 584(E) dated 20.09.2024.

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.

Also Read : PM-JAY extended: New proposal for central govt pensioners to offer scheme option for CGHS beneficiaries: Report

Four separate Forms have been notified for the purposes of the DTVSV Scheme. These are as under:

Form-1: Form for filing declaration and Undertaking by the declarant

Form-2: Form for Certificate to be issued by Designated Authority

Form-3: Form for Intimation of payment by the declarant

Form-4: Order for Full and Final Settlement of tax arrears by Designated Authority

The DTVSV Scheme also provides that 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 alongwith proof of withdrawal of appeal, objection, application, writ petition, special leave petition, or claim.

Also Read : GST relief: No need to pay interest and penalty on GST tax demand; conditional waiver from November 1, 202

Forms 1 and 3 shall be furnished electronically by the declarant. These Forms will be made available on the e-filing portal of Income Tax Department i.e. www.incometax.gov.in.

For detailed provisions of the DTVSV Scheme, 2024, section 88 to section 99 of the Finance (No. 2) Act, 2024 may be referred to alongwith Direct Tax Vivad Se Vishwas Rules, 2024.

For more news like this visit Officenewz.com.

Source :
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top