Direct Tax Vivad Se Vishwas Rules, 2024 (DTVSV 2.0) notified

Notification No. 104/2024, F. No. 370142/16/2024-TPL

Scheme Introduction and effect date

The DTVSV offers taxpayers a simplified way to resolve outstanding income tax disputes. The scheme aims to ease the burden on taxpayers and expedite the resolution process and is effective from 01-Oct-2024

Taxpayer Categories

The scheme classifies taxpayers case as “new” or “old” appellants, with new appellant case benefiting from lower settlements. Additionally, mechanism has been notified for loss/depreciation and MAT Credit cases.

Forms Notified

Form 1 – Declaration and Undertaking
Form 2 – Certificate by Designated Authority
Form 3 – Payment Declaration Form
Form 4 – Full & Final Settlement Order

Electronic Filing

Forms 1 and 3 must be submitted electronically via the Income Tax Department’s e-filing portal. Form-1 is to be filed separately for each dispute unless both appellant and tax authority have filed an appeal in respect of the same order.

Deadline Reminder

Submit declarations by December 31, 2024, for reduced settlement amounts under the DTVSV Scheme. Applicants filing declaration after such date shall be liable for higher settlement amounts.

Where can SBC assist?

• Analysing the open appeals for eligibility.
• Documentation and filing of appropriate Forms.
• Alternatives available and cost/benefit analysis.
• Representation before tax authorities for application till its disposal and give effect.
• DTVSV applicability for foreign taxpayers where the eligibility is challenged.