India: Additional guidance on Direct Tax Vivad Se Vishwas Scheme 2024
Circulars address “frequently asked questions” regarding implementation of the scheme
The Finance (No. 2) Act, 2024 introduced the Direct Tax Vivad Se Vishwas Scheme, 2024, offering taxpayers a chance to resolve tax disputes pending as of July 22, 2024, across various appellate forums. The scheme covers disputes related to tax, interest, penalty, or fees under the Income-tax Act, 1961.
The Central Board of Direct Taxes (CBDT) issued a circular (dated October 15, 2024) that addressed 35 “frequently asked questions” (FAQs) regarding the implementation of the scheme. Subsequently, the CDT issued another circular extending the FAQs from No. 36 to No. 62 (note that FAQ No. 8 from the earlier circular has been revised and included as FAQ No. 36 in the latest circular).
Read a December 2024 report prepared by the KPMG member firm in India