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The Government of India has introduced the Direct Tax Vivad se Vishwas (DTVSV) Scheme, 2024 to resolve income tax disputes amicably. Enacted through the Finance (No. 2) Act, 2024, this scheme was notified on 20th September 2024 and came into effect on 1st October 2024. It aims to reduce litigation and provide taxpayers with a straightforward way to settle tax arrears in a transparent manner.
Key Features of the Scheme
🌟 Notification and Rules
The rules and forms for the scheme were issued through Notification No. 104/2024 dated 20th September 2024. To ensure smooth processing, the scheme prescribes four forms:
📄 Form-1: Declaration and undertaking by the declarant.
📄 Form-2: Certificate issued by the Designated Authority.
📄 Form-3: Intimation of payment by the declarant.
📄 Form-4: Order for full and final settlement of tax arrears.
Forms 1 and 3 are now available for e-filing on the Income Tax Department’s e-filing portal: www.incometax.gov.in.
Detailed Explanation of Form-1
📝 Objective
Form-1 is the declaration document under the DTVSV Scheme, 2024, where the assessee provides details of tax disputes and the amounts payable under the scheme.
✅ Eligibility
Any individual or entity involved in a tax dispute seeking resolution under the scheme can file Form-1.
Structure of Form-1
Form-1 includes six parts and 27 schedules covering all necessary information:
- Part A: General Information (Name, PAN, email ID, mobile number, appeal reference, etc.)
- Part B: Dispute details, including appellate authority and nature of the dispute.
- Part C: Tax arrears information.
- Part D: Amount payable under the scheme.
- Part E: Payments made against tax arrears.
- Part F: Net amount payable or refundable.
The schedules provide detailed information about disputed tax, appellate authority, and assessee details.
Prerequisites for Filing Form-1
✔️ Registered PAN on the Income Tax Department’s e-filing portal.
✔️ Valid Digital Signature Certificate (DSC) or Electronic Verification Code (EVC), based on the nature of filing.
How to File Form-1
Follow these steps for a hassle-free filing experience:
- Login: Log in to the e-filing portal using your credentials.
- Access Form: Go to e-File > File Income Tax Forms and select Form-1 from the Vivad se Vishwas Scheme, 2024 options.
- Fill Details: Provide details in all six parts (A-F) and their respective schedules.
- Verify: Complete the verification and furnishing of the undertaking.
- Preview and Submit: Review your form, e-verify it, and submit.
📧 After submission, an acknowledgment number will be sent to your registered email ID and mobile number. You can also view and download the submitted form using the “View Filed Forms” option on the portal.
Benefits of DTVSV Scheme
⏳ Time-Saving: Eliminates prolonged litigations for dispute resolution.
💰 Cost-Effective: Reduces the need for lengthy legal trials, saving money for both taxpayers and the government.
✨ Transparency: Ensures an open and accessible process through online filing.
💻 Convenience: Simplifies taxation with a clear structure and user-friendly instructions.
Take Advantage of the DTVSV Scheme, 2024
The DTVSV Scheme, 2024 is a progressive step toward resolving tax disputes. With a simple structure, online accessibility, and transparent procedures, this scheme offers taxpayers a golden opportunity to clear tax arrears effectively.
🏷️ Important Tip: Ensure you meet the eligibility criteria and file the forms within the prescribed timelines to fully benefit from this initiative.
Need Assistance?
For expert guidance on Form-1 filing and other tax compliance services, reach out to Power of Factorial Business Solutions!
📧 Email: poweroffactorial024@gmail.com
📞 Phone: +91 8105021287
📍 Location: K R Puram, Bangalore
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