New Delhi: The Central Board of Direct Taxes (CBDT) has announced the new Direct Tax Vivad Se Vishwas Scheme (DTVSV), 2024. As per the official information, which will begin on October 1, 2024. This scheme, introduced in the Union Budget 2024-25 by Finance Minister Nirmala Sitharaman., aims to settle pending income tax disputes, according to a press release by the Ministry of Finance.

Key Features Of DTVSV Scheme- Lower settlement amounts will be offered to "new appellants" compared to "old appellants."- Taxpayers who file their declarations by December 31, 2024, will also get reduced settlement amounts.To implement this scheme, four forms have been introduced:1. Form-1: Declaration and undertaking by the taxpayer.2. Form-2: Certificate issued by the Designated Authority.3. Form-3: Intimation of payment by the taxpayer.4. Form-4: Order for full and final settlement of tax arrears. How To File?- Taxpayers must file Form-1 separately for each dispute. However, if both the taxpayer and the income tax authority have filed appeals against the same order, only one Form-1 is needed.- Payment notifications should be submitted using Form-3, along with proof of any related appeal withdrawals.- Forms 1 and 3 will be available for electronic filing on the Income Tax Department’s e-filing portal.

When One Can Use The Facility?You can use the Direct Tax Vivad Se Vishwas Scheme, 2024, only if your appeals, writs, or petitions were still pending on July 22, 2024. Who Can Use The Scheme?The Direct Tax Vivad Se Vishwas Scheme, 2024, applies to cases where appeals have been filed with the Commissioner (Appeals), Dispute Resolution Panel (DRP), Income Tax Appellate Tribunal (ITAT), High Court, or Supreme Court. When Will The Scheme Start?This scheme will be available starting from October 1, 2024.