CBDT issues Guidance Note on Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024,

CBDT issues Guidance Note / FAQs on Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024

In order to facilitate the various queries raised by the stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024, the Central Board of Direct Taxes (CBDT) has today issued Circular No. 12/2024 in the form of a Guidance Note cum Frequently Asked Questions (FAQs). This note is designed to provide clarity and assist taxpayers in better understanding the provisions of the Scheme.

Download CBDT Guidance Note on DTVSV) Scheme 2024 >>

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. The DTVSV 2024 comes into effect from 01.10.2024.

For detailed provisions of the DTVSV Scheme, 2024, sections 88 to 99 of the Finance (No. 2) Act, 2024, may be referred along with the Direct Tax Vivad Se Vishwas Rules, 2024.

• Object of assessment proceedings is not to find empirically correct solution on every fact issue – HC
• Penalty u/s 270A deleted as assessee filed revised computation during scrutiny
• Penalty u/s 271B for unfilled column 40 in Tax Audit Report Form 3CD deleted by ITAT
• Merely ex-parte rectifying computation without amending assessment order not make it nullity- ITAT
• Once assessee discharges primary onus, it shifts to AO to bring evidence to contrary – ITAT