CBDT notifies Direct Tax Vivad Se Vishwas Income Tax Amnesty Scheme, 2024 Effective from Oct 1

The Central Board of Direct Taxes (CBDT) has officially notified the Direct Tax Vivad Se Vishwas Income Tax Amnesty Scheme 2024, which will take effect from October 1. The scheme aims to resolve pending income tax disputes by offering concessions on penalties and interest if the taxpayer agrees to settle the principal tax amount. This initiative is part of the government’s ongoing efforts to reduce tax litigation and ensure faster recovery of disputed taxes. It offers a mutually beneficial resolution for both taxpayers and tax authorities by encouraging voluntary compliance and reducing the burden on the judiciary.