The Income Tax Department on Saturday said it has notified the dispute resolution scheme ‘Vivad Se Vishwas 2.0’. The scheme offers a lower settlement amount for taxpayers filing declarations on or before December 31, 2024, compared to those filing after that.
Finance Minister Nirmala Sitharaman in her budget speech announced the Direct Tax ‘Vivaad se Vishwas’ Scheme 2024 to resolve pending appeals in income tax disputes. The scheme will come into effect from October 1, 2024. Apart from this, rules and forms have also been notified to enable the scheme.
The Central Board of Direct Taxes (CBDT) said in a statement that the scheme provides for a lower settlement amount for the ‘new appellant’ as compared to the ‘old appellant’. The scheme provides for a lower settlement amount for taxpayers filing the declaration on or before December 31, 2024 as compared to those filing after that. Four different forms have been notified.
Form-1: Form for filing declaration and undertaking by the declarant.
FORM-2: Form for certificate to be issued by the specified authority.
Form-3: Form for intimation of payment by the declarant.
Form-4: Order for full and final settlement of tax dues by the specified authority.
The scheme also provides that a separate Form-1 shall be filed for each dispute, provided that where both the appellant and the Income-tax Authority have filed appeals in respect of the same order, a single Form-1 shall be filed.
The information of payment is to be given in Form-3 and it is to be submitted to the specified authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of claim. Form-1 and Form-3 will be submitted electronically by the declarant. These forms will be made available on the e-filing portal of the Income Tax Department. This scheme is a step towards reducing litigation.
CLICK HERE TO ACCESS THE NOTIFICATION
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