CBDT Issues Corrigendum to Vivad Se Vishwas Rules, Amending Various Schedules of Form 1
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- Last Updated on 30 September, 2024
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Notification No. 105/2024, dated 27-09-2024
The Central Board of Direct Tax (CBDT) vide Notification No. 104/2024, dated 20-09-2024, notified Direct Tax Vivad Se Vishwas Rules, 2024. The new rules, promulgated under the Finance (No. 2) Act, 2024, aim to provide a comprehensive framework for taxpayers to settle their pending tax disputes with the Income Tax Department. The Rules contained provisions related to calculating disputed tax in various scenarios. Also, the board notified Form-1 & Form-2.
Now, the CBDT has released a corrigendum to said notification to make a few changes to the Schedules to Form 1. The changes are outlined as follows:
a) Changes to Schedule V
This schedule is required to be filled in case the department’s appeal is pending before the Tribunal as of 22.07.2024. The Phrase “OR to be filed” is removed from column A of Schedule V of Form 1.
b) Changes to Schedule XXIII
This schedule is required to be filled in case an appeal or writ of Department is pending before the High Court as of 22.07.2024. The phrase “or appeal to be filed” has been removed from column A of Schedule XXIII of Form 1.
c) Changes to Schedules XII, XX, XXI, XXII, XXIII, XXIV, XXV and XXVI
In these schedules, changes have been made to the computation of the amount payable under DTVSV.
Click Here To Read The Full Notification
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