The Central Board of Direct Taxes (CBDT) has officially announced the ‘Direct Tax Vivaad se Vishwas Scheme’ (DTVSV). The scheme will come into effect from October 1. Under this scheme, there is an effort to resolve income tax related disputes quickly.
In fact, while presenting the Union Budget, Finance Minister Nirmala Sitharaman said that the government will soon come up with a plan to resolve income tax disputes.
Who will get the benefit of DTVSV scheme?
This scheme of the Central Board of Direct Taxes has been brought under the Finance Act. A notification has also been issued regarding the rules of the DTVSV scheme.
4 forms have been issued under DTVSV scheme.
Form 1 – For filing declaration and undertaking by the declarant
Form 2 – For certificate to be issued by the authority
Form 3 – Under this form, the declarant will give the payment details
Form 4 – In this form, information regarding tax arrears is received from the authority. Full and Final Settlement information will be given of
How to fill the online form
The new DTVSV scheme also provides that Form-1 shall be filed separately for each dispute, provided that where both the appellant and the Income Tax Authority have filed appeals in respect of the same order, in such a case Form-1 shall be filed.
The payment is to be intimated in Form-3 and is to be submitted to the authority along with the appeal, objection, application, writ petition, special leave petition or proof of withdrawal of the claim.
Form-1 and Form-3 have to be submitted electronically by the declarant on the e-filing portal www.incometax.gov.in. This is another initiative of the government towards litigation management.
