Income Tax: What is Vivad Se Vishwas Scheme? FAQs and benefits

New Delhi: The Union Finance Ministry has issued a set of FAQs in regards to the ‘Direct Tax Vivad Se Vishwas Scheme, 2024’. The scheme has been introduced to address pending tax disputes and facilitate the queries of stakeholders following the enactment of the Direct Tax Vivad Se Vishwas (DTVSV) Scheme, 2024. The Central Board of Direct Taxes (CBDT) has today issued a Guidance Note in the form of FAQs to provide clarity and help taxpayers in better understanding the provisions of the scheme.

The Direct Tax Vivad Se Vishwas scheme is aimed at focusing on settling disputes that were pending as of July 22, 2024. The benefits of ‘Vivad Se Vishwas’ scheme can be availed by taxpayers who are currently entangled in disputes pending before the Supreme Court, high courts, Income Tax Appellate Tribunal, Commissioner/Joint Commissioner (Appeals) till July 22, 2024. The scheme also covers cases pending before the Dispute Resolution Panel (DRP) and revision petitions pending before the Commissioner of Income Tax.

“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 Finance Ministry stated in its statement.

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Appeals covered under Direct Tax Vivad Se Vishwas Scheme

1. A person in whose case, an appeal or a writ petition (WP) or special leave petition (SIP) has been filed either by him or by the income-tax authority or by both, before an appellate forum
   and such appeal or petition is pending as on the specified date i.e., July 22, 2024
2. A person who has filed his objections before the Dispute Resolution Panel (DRP) under section 144C of the Income-tax Act, 1961 (‘the Act’) and the DR? has not issued any direction on or before 22nd July 2024
3. A person in whose case the DRP has issued direction under section 144C(5) of the Act and the AO has not completed the assessment under section I 44 (C13) on or before July 22.
4. A person who has filed an application for revision under section 264 of the Act and such application is pending as on 22nd July.