In pursuance of the announcement in Union Budget 2024-25, the Central Board of Direct Taxes (CBDT) has notified the Direct Tax Vivad Se Vishwas Scheme, 2024 (referred as DTVSV, 2024) to resolve pending appeals in the case of income tax disputes.
- The said Scheme shall come into force with effect from 1st Oct. 2024.
- This scheme aims to reduce income tax litigation and allows taxpayers to settle income tax appeals, writs and petitions that are pending before various appellate authorities including the Supreme Court and high courts as of July 22, 2024.
- One can only use the Direct Tax Vivad Se Vishwas Scheme, 2024, if his appeals, writs and petitions are pending as of July 22, 2024.
- This scheme offers the taxpayers the opportunity to settle disputed tax, interest, or penalties at the rates lower than the actual total demand.
