The Central Board of Direct Taxes (CBDT) has recently announced the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV, 2024) to facilitate the resolution of pending income tax disputes.
- This scheme will be effective from 1st October 2024 and aims to reduce litigation and improve taxpayer services.
About the DTVSV Scheme, 2024:
- Primary Objective: To provide a mechanism for settling income tax disputes efficiently.
Objectives:
- Simplification of Taxes: Streamlining tax processes to make them more user-friendly.
- Improved Taxpayer Services: Enhancing the overall experience and support for taxpayers.
- Reduction of Litigation: Minimizing the need for prolonged legal disputes.
- Enhancement of Government Revenue: Increasing revenue through expedited settlements.
Settlement Provisions:
- Eligibility: Taxpayers can settle appeals, writ petitions, and special leave petitions pending in the Supreme Court, high courts, and appellate tribunals.
- Cut-off Date: The scheme covers disputes up to July 22, 2024.
- Settlement Terms: Taxpayers can settle by paying the full tax amount, with the added benefit of waiving any interest and penalties.
- Inclusivity: The scheme is accessible to both taxpayers and tax authorities involved in disputes.
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Frequently Asked Question:
What is the primary objective of the Direct Tax Vivad Se Vishwas Scheme 2024?
The primary objective is to provide an efficient mechanism for resolving income tax disputes.
When does the DTVSV Scheme 2024 become effective?
The scheme will be effective from 1st October 2024.
What kind of disputes are eligible under the DTVSV Scheme 2024?
Taxpayers can settle appeals, writ petitions, and special leave petitions pending in the Supreme Court, high courts, and appellate tribunals.
What is the cut-off date for disputes covered under the DTVSV Scheme 2024?
The scheme covers disputes pending up to July 22, 2024.
What benefits does the DTVSV Scheme offer to taxpayers?
Taxpayers can settle disputes by paying the full tax amount, with the added advantage of waiving interest and penalties.