Direct Tax Vivad Se Vishwas Scheme (DTVSV), 2024
The Finance Minister presented the full year Union Budget for 2024-25 on 23 July 2024. As a measure to address the rising number of pending litigation cases at various levels, it has been now proposed to introduce DTVSV, 2024 with an objective of providing a mechanism for dispute resolution, which shall also apply to pending Transfer pricing Appeals.
The Vivad Se Vishwas Act, 2020, which dealt with appeals pending as of January 31, 2020, was an initiative which received widespread support from taxpayers and contributed significantly to government revenue. However, litigation backlogs have continued to increase, with more appeals being filed than resolved. In light of the success of VSV 2020 and the rising number of appeals pending, the introduction of DTVSV 2024 aims to establish a framework for settling disputed issues, thereby reducing litigation while minimizing the financial burden on the taxpayer.
VSTN alert summarizes the key aspects of the DTVSV 2024 notification which provides details of
- Eligibility
- Amount payable by the applicant
- Filing of declaration and particulars to be furnished
- Timing and Manner of Payment
- Non applicability of Scheme