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 September 30, 2024 (Notification No. 4 of 2024), provides clear guidelines for taxpayers opting to settle their tax disputes under the Vivad Se Vishwas Scheme.
The Vivad Se Vishwas Scheme aims to reduce litigation by allowing taxpayers to resolve disputes with the Income Tax Department by paying a settled amount. The detailed procedure outlined by the CBDT includes the steps to be followed while submitting Form-1, which is a crucial component for making a declaration and filing an undertaking to withdraw appeals or litigation related to direct taxes.
Taxpayers are advised to carefully adhere to the new procedure to ensure compliance and successful processing of their applications under the Vivad Se Vishwas Scheme. The notification specifies the documentation requirements, online submission process, and timelines for filing Form-1.
This development marks a significant step in the government’s efforts to streamline tax dispute resolution and offer a clear path to settle pending cases efficiently. Taxpayers are encouraged to take advantage of the Vivad Se Vishwas Scheme and reduce their litigation burden.
Official copy of the notification has been attached
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