New Delhi, Sep 21 (SocialNews.XYZ) The government on Saturday notified rules and forms for the Direct Tax Vivad Se Vishwas Scheme 2024 (DTVSV 2024) to resolve pending appeals in the case of income tax disputes.
The scheme, announced in the Union Budget to reduce the litigations related with income tax, will come into force with effect from October 1.
The DTVSV Scheme provides for lesser settlement amounts for a ‘new appellant’ in comparison to an ‘old appellant’, said the Central Board of Direct Taxes (CBDT).
“The scheme also provides for lesser settlement amounts for taxpayers who file declaration on or before 31.12.2024 in comparison to those who file thereafter,” said Ministry of Finance in a statement.
Four separate forms have been notified by the government: Form for filing declaration and undertaking by the declarant; form for certificate to be issued by designated authority; Form for intimation of payment by the declarant; Order for full and final settlement of tax arrears by designated authority.
The Scheme also provides that Form-1 would be filed separately for each dispute, provided that where appellant and the income-tax authority, both have filed an appeal in respect of the same order, single Form-1 shall be filed in such a case.
“The intimation of payment is to be made in Form-3 and is to be furnished to the designated authority along with proof of withdrawal of appeal, objection, application, writ petition, special leave petition, or claim,” the ministry noted.
The new rules are in response to Finance Minister Nirmala Sitharaman’s announcement in the budget.
She had said that for resolution of certain income tax disputes pending in appeal, “I am also proposing Vivad Se Vishwas Scheme, 2024.”
It has been the endeavour of the Central Board of Direct Taxes to provide expeditious disposal of appeals by appellate authorities under its administrative control.
Source: IANS
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