This appears to be a legal document providing details and ...

New Scheme Aims to Resolve Direct Tax Disputes with Flexible Payment Plans and Immunity Options.

September 21, 2024

Notifications     Income Tax

This appears to be a legal document providing details and schedules related to the Direct Tax Vivad se Vishwas Scheme, 2024 (DTVSV), which aims to settle direct tax disputes. The key points covered are: 1. Schedules detailing the calculation of amounts payable under DTVSV for various scenarios involving disputed tax deducted/collected at source (TDS/TCS), interest, and penalties, based on the appellant (assessee or department) and the appellate forum (JCIT(A)/CIT(A), ITAT, High Court, Supreme Court, revision u/s 264). 2. Schedules for cases where the appellant opts not to pay tax on additions reducing losses, unabsorbed depreciation, or minimum alternate tax (MAT) credit carried forward. 3. Formats for the certificate to be issued by the designated authority determining the payable amount, intimation of payment by the declarant, and the final order granting immunity from prosecution/penalty subject to payment. 4. The amounts payable are calculated as specific fractions of the disputed tax/penalty/interest, with lower fractions for new appellants and higher for old appellants, and varying based on the appellate stage and whether payment is made before or after January 1, 2025. The document provides a comprehensive framework for implementing the DTVSV.

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