Ministry of Finance, through the Central Board of Direct Taxes (CBDT), has officially notified the enactment of the Direct Tax Vivad Se Vishwas Scheme, 2024. As per Notification No. 103/2024-Income Tax, dated 19th September 2024, the scheme will come into effect from October 1, 2024. This notification is issued under the authority granted by Section 88(2) of the Finance (No. 2) Act, 2024. The scheme is designed to provide a resolution mechanism for pending direct tax disputes, enabling taxpayers to settle disputes with reduced penalties and interest. It aims to expedite the resolution of tax-related issues, reducing the burden on courts and tax authorities. This scheme marks another step in the government’s efforts to streamline tax administration and promote voluntary compliance.
MINISTRY OF FINANCE
(Department Of Revenue)
(CENTRAL BOARD OF DIRECT TAXES)
New Delhi
Notification No. 103/2024-Income Tax | Dated : 19th September, 2024
S.O. 4016(E).—In exercise of the powers conferred by sub-section (2) of section 88 of the Finance (No. 2) Act, 2024 (15 of 2024), the Central Government hereby appoints the 1st day of October, 2024 as the date on which the Direct Tax Vivad Se Vishwas Scheme, 2024 shall come into force.
[, F.No.370142/17/2024-TPL]
SURBENDU THAKUR, Under Secy., TPL-IV
