CBDT issues Guidance Note on DTVSV Scheme, 2024

The Central Board of Direct Taxes (CBDT) has issued a comprehensive Guidance Note on the Direct Tax Vivad se Vishwas (DTVSV) Scheme, 2024, through Circular No. 12 of 2024. This scheme, introduced under Chapter IV of the Finance (No.2) Act, 2024, aims to resolve pending income tax disputes, expedite revenue collection, and provide relief to taxpayers from prolonged litigation. The Guidance Note includes detailed explanations and Frequently Asked Questions (FAQs) to assist taxpayers in understanding the scheme’s provisions. Key aspects covered include eligibility criteria, the process for filing declarations, and the benefits of opting for the scheme. The DTVSV Scheme allows taxpayers to settle disputes by paying a specified percentage of the disputed tax amount, with waivers on interest and penalties. This initiative is part of the government’s efforts to reduce litigation and improve the efficiency of tax administration, providing a clear framework for resolving tax disputes amicably.