India’s Central Board of Direct Taxes (CBDT) published a guidance, Circular No. 12 of 2024, on Direct Tax Vivad se Vishwas (DTVSV) Scheme 2024 on 15 October 2024, which was introduced in the 2024 Budget to resolve tax disputes and reduce litigation backlogs.
Earlier, India’s Central Board of Direct Taxes (CBDT) had announced that the DTVSV was effective from 1 October 2024, as per Notification No 103/2024.
Taxpayers who declare by 31 December 2024 can use Form 1 to opt for a scheme with lower settlement amounts compared to those who file later. Additionally, the CBDT has established the procedure for submitting a declaration and providing an undertaking in Form 1 as outlined in Notification No. 4 of 2024, dated 30 September 2024.
