Deadline for Vivad se Vishwas Scheme 2024

• The Central Board of Direct Taxes (CBDT) has set April 30, 2025, as the last date to file declarations under the Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024.
• The scheme aims to resolve pending income-tax disputes across appellate authorities including the Supreme Court and high courts, as of July 22, 2024.

Scheme Details and Filing Process

• Operational since: October 1, 2024.
• Filing mode: Electronic only.
• Form required: Form 1, available on the Income Tax Department’s e-filing portal.
• Key requirement: A separate declaration is to be filed for each pending dispute.

Background and Response

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• DTVSV 2024 is the second edition of the tax dispute resolution scheme.
• The first edition was applicable to appeals pending as of January 31, 2020.
• Participation data:
  • 2024 edition: 40,597 assessees (as of February 18)
  • 2020 edition: 139,384 assessees
• The response to the second edition has been relatively lukewarm, raising concerns about awareness and uptake.

Implications for Taxpayers

• Taxpayers with pending appeals are encouraged to opt into the scheme to resolve disputes efficiently.
• The scheme provides a cost-effective and litigation-free method to settle outstanding tax issues.
• Timely declaration by April 30 ensures eligibility for resolution under this one-time scheme.

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