CBDT Issues Procedure for Declaration and Undertaking in Form-1 under Direct Tax Vivad Se Vishwas Rules, 2024

The Central Board of Direct Taxes (CBDT) has outlined the procedure for filing declarations and undertakings in Form 1 under the Direct Tax Vivad Se Vishwas Rules, 2024. This initiative aims to settle pending tax disputes and reduce litigation by allowing taxpayers to resolve disputes under certain terms. The new process details how taxpayers can declare disputed income, pending appeals, and claim tax exemptions or settlements. It also lays out the documentation and deadlines for filing. The move is intended to facilitate quicker resolution of disputes and help the government collect due taxes more efficiently.