Quick Summary
The Central Board of Direct Taxes (CBDT) has released Guidance Note 2/2024 via Circular No. 19 of 2024, dated December 16, 2024. The note provides critical clarifications on the Direct Tax Vivad se Vishwas Scheme, 2024 (DTVSV Scheme), a dispute resolution initiative under Chapter IV of the Finance (No. 2) Act, 2024. The scheme aims to reduce pending income tax litigation and bring financial certainty for taxpayers, ensuring a streamlined tax compliance process. Key Highlights from Guidance No
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FAQ :
Taxpayers whose appeals were pending as of July 22, 2024, are generally eligible. This includes cases where appeals were disposed of on merits or dismissed as withdrawn before filing a declaration, as long as the appeal was pending on the specified date. Appeals against tax intimations under Section 143(1) are also eligible if pending.
Cases involving assessments under Sections 153A or 153C (related to search actions), appeals connected to review petitions, or cases pending before the Income Tax Settlement Commission (ITSC) are explicitly excluded.
Yes, taxpayers can avail the scheme even if prosecution proceedings are initiated after filing a declaration. However, the scheme does not apply if prosecution proceedings have been instituted on or before the date of filing the declaration for the same assessment year.
Declarations filed on or before December 31, 2024, qualify for lower payment rates. The actual payment deadline is linked to the issuance of Form No. 2, not necessarily before December 31, 2024.
Yes, penalties that are unrelated to quantum additions can be settled independently under the scheme, provided an appeal in respect of such penalty was pending as of July 22, 2024.
Secondary adjustments under Section 92CE will still apply unless the primary adjustment relates to assessment years before April 1, 2016. For assessment years from 2016-17 onwards, secondary adjustments are applicable.
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