The Central Board of Direct Taxes (CBDT) on October 15, 2024, CBDT issued a Guidance Note 1/2024 on provisions of the Direct Tax Vivad se Vishwas Scheme, 2024.
The Direct Tax Vivad Se Vishwas Scheme, 2024 has been enacted vide Chapter IV of Finance Act, 2024 to provide for dispute resolution in respect of pending income tax litigation. The objective of the Scheme is to, inter alia, reduce pending income tax litigation, generate timely revenue for the Government and benefit taxpayers by providing them peace of mind, certainty and savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.
Accordingly, under Section 97 of the DTVSV Scheme, 2024 which empowers the Board to issue directions or instructions in public interest, following Guidance Note in the form of answers to the frequently asked questions (FAQs) is hereby issued. This will be helpful for the tax-payers for creating better awareness and understanding with respect to the provisions of the Scheme.
The issues and comments are attached to document below in the table format.
[Circular no. 12/2024]
