The Central Board of Direct Taxes (CBDT) has released a Guidance Note featuring Frequently Asked Questions (FAQs) regarding the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024.Vishwas scheme. The scheme offers taxpayers a chance to resolve pending income tax disputes by waiving all outstanding penalties and interest.
The Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, was announced in the Union Budget 2024-25 by the Union Finance Minister to resolve pending income tax disputes. The scheme was enacted through the Finance (No. 2) Act, 2024. Additionally, the corresponding Rules and Forms for implementing the Scheme were notified on September 20, 2024.
This circular clarifies the eligibility criteria for the scheme, outlining the categories of appellants, including those with pending appeals, writ petitions, or special leave petitions as of July 22, 2024. Cases not eligible include those related to tax assessments from searches, undisclosed foreign income, or various legal violations.
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