Quick Summary
The Direct Tax Vivad Se Vishwas Scheme, 2024 (hereinafter referred as DTVSV Scheme, 2024) has been enacted vide Chapter IV of Finance (No.2) Act, 2024 to provide for dispute resolution in respect of pending income lax litigation. The objective of the Scheme is to, inter alia, reduce pending income t
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FAQ :
The Direct Tax Vivad se Vishwas Scheme, 2024, is a legislative provision designed to resolve pending income tax disputes. Its primary goals are to reduce litigation, generate government revenue promptly, and provide taxpayers with certainty and savings by avoiding lengthy legal battles.
The scheme commenced on 1st October 2024, and the associated Rules and Forms were notified on 20th September 2024.
The scheme covers appeals, writ petitions (WP), or special leave petitions (SLP) filed by or against the taxpayer that were pending as of 22nd July 2024. It also includes objections filed before the Dispute Resolution Panel (DRP) and pending revision applications under section 264 of the Income-tax Act, provided certain conditions are met.
Cases involving undisclosed income from outside India, assessments based on searches initiated under specific sections (like 132/132A) after April 1, 2021, or where prosecution has been initiated before the declaration date are generally not covered. Certain other cases related to specific acts like COFEPOSA, UAPA, PMLA, etc., are also excluded.
Yes, the payment rates vary. For tax arrears including disputed tax, interest, and penalty, the amount payable is 100% of the disputed tax if declared by 31st December 2024, and 110% if declared after that date but before the last date. Similar tiered rates apply for disputed interest, penalty, or fee, and for 'old appellants'.
A taxpayer cannot settle a penalty appeal in isolation if the appeal on the disputed tax related to that penalty is still pending. If both the quantum appeal and the penalty appeal are pending, the taxpayer must file a declaration covering both, but payment will be based on the disputed tax amount.
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