Quick Summary
The Central Board of Direct Taxes (CBDT), through the Directorate of Income Tax (Systems), Bengaluru, has issued an important procedure for taxpayers making declarations and furnishing undertakings in Form-1 under Rule 4 of the Direct Tax Vivad Se Vishwas Rules, 2024. The notification, released on S
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FAQ :
The CBDT has issued a procedure to guide taxpayers on making declarations and furnishing undertakings in Form-1 under the Direct Tax Vivad Se Vishwas Rules, 2024, to settle tax disputes.
The Vivad Se Vishwas Scheme is an initiative by the government to reduce tax litigation by allowing taxpayers to resolve disputes with the Income Tax Department by paying a settled amount.
Form-1 is crucial for taxpayers to make a declaration and file an undertaking to withdraw appeals or litigation related to direct taxes under the Vivad Se Vishwas Scheme.
The notification (Notification No. 4 of 2024) was released on September 30, 2024.
The procedure covers documentation requirements, the online submission process, and timelines for filing Form-1.
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