The Central Board of Direct Taxes (CBDT) on December 16, 2024, issued Guidance Note 2/2024 on provisions of the Direct Tax Vivad se Vishas Scheme, 2024.
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.
The Board to issue directions or instructions in the public interest, Guidance Note 1/2024 in the form of answers to the frequently asked questions (FAQs) was issued vide circular no. 12 of 2024 dated October 15, 2024. However, several other queries have been received from the stakeholders for clarification. Thus, Guidance Note 2/2024 in the form of answers to the frequently asked questions (FAQs) is hereby issued to provide further clarification. This will help tax-payers create better awareness and understanding of the provisions of the Scheme.
Please find the FAQs attached to the document below.
[File No. 370142/2212024 –TPL]
