Vivad se vishwas scheme 2024

 1. Yes, that's correct! If the assessee opts for the scheme, they are required to pay only the tax amount and not the interest under sections 234A, 234B, and 234C.

 2. Regarding the penalty notice under section 271AAC, if the assessee opts for the scheme, the penalty proceedings initiated under section 271AAC will be automatically dropped.

However, it's important to note that the assessee will need to pay the tax amount and file the revised return to avail of the benefits under the scheme. Please consult a tax expert or chartered accountant to ensure you follow the correct procedure and meet all the requirements under the scheme. They can guide you through the process and help you avoid any potential issues.

 Some recommended resources for further information: - The Income-tax Act, 1961 - The Finance Act, 2020 (scheme provisions) - CBDT circulars and notifications -

• Yes, its correct under the Vivad se Vishwas Scheme, only the disputed tax is payable. Interest u/s 234A, 234B, and 234C is waived if the scheme is opted for.
• If an assessee opts for the DTVSV scheme, penalty proceedings initiated u/s 271AAC for income assessed will result in automatic dropping of penalty proceedings related to the disputed tax.