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Date: 19-Sep-2024 Category: Extra Ordinary State: Union Government Country: India

Enactment of Direct Tax Vivad Se Vishwas Scheme 2024

Issued by Ministry of Finance · Department of Revenue

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Executive Summary & Key Takeaways

Description of the Gazette Notification

  • This gazette notification from the Ministry of Finance (Department of Revenue), Central Board of Direct Taxes, Government of India, announces the commencement date of the Direct Tax Vivad Se Vishwas Scheme, 2024.

Key Changes

  • The Direct Tax Vivad Se Vishwas Scheme, 2024, will come into force on October 1st, 2024. This date is appointed by the Central Government in exercise of powers conferred by sub-section (2) of section 88 of the Finance (No. 2) Act, 2024 (15 of 2024).
  • The notification number is 103/2024, and the file number is 370142/17/2024-TPL.

Impact Analysis

Impact on Taxpayers

  • Taxpayers need to understand the scheme's details and eligibility criteria to determine if it's beneficial for them to participate.

Impact on Tax Authorities

  • The scheme could lead to increased revenue collection if a significant number of taxpayers opt for settlement.

Impact on the Economy

  • The impact on government revenue will depend on the number of taxpayers opting for the scheme and the amount of tax settled.

Suggested Action Items

  • The government should monitor the scheme's effectiveness in achieving its objectives and make necessary adjustments if required.

Key Entities Referenced

Ministry of Finance (Department of Revenue): The issuing authority of the notification. Responsible for overseeing tax matters in India. Central Board of Direct Taxes (CBDT): A part of the Department of Revenue, Ministry of Finance, responsible for administering direct taxes in India. Finance (No. 2) Act, 2024 (15 of 2024): The Act under which the Central Government has the power to appoint the commencement date of the scheme. Direct Tax Vivad Se Vishwas Scheme, 2024: The scheme providing a mechanism for settling direct tax disputes.
Official Source Record View Original Source →
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रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-19092024-257256 xxxGIDHxxx CG-DLxx-xEG-I1D9E0x9x2x0 24-257256 असाधारण EXTRAORDINARY भाग II—खण् ड 3—उप-खण्ड (ii) PART II—Section 3—Sub-section (ii) प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 3677] नई दिल्ली, बृहस्ट्पजतिार, जसतम्ब र 19, 2024/भाद्र 28, 1946 No. 3677] NEW DELHI, THURSDAY, SEPTEMBER 19, 2024/BHADRA 28, 1946 जित्त मत्रं ालय (रािस्ट्ि जिभाग) (केंद्रीय प्रत्यक्ष कर बोडड) अजधसचू ना नई दिल्ली, 19 जसतम् बर, 2024 का.आ. 4016(अ).—केन्द्द्रीय सरकार,जित्त (सं. 2) अजधजनयम, 2024 (2024 का 15) की धारा 88 की उप-धारा (2) द्वारा प्रित्त िजियों का प्रयोग करते हुए, तारीख 1 अक् तूबर 2024 को, उस तारीख के रुप में जनयत करती ह ै जिसको प्रत्यक्ष कर जििाि से जिश्वास स्ट्कीम 2024 प्रिृत्त होगी। [अजधसूचना स.ं 103 / 2024,फा. सं. 370142/17/2024-टीपीएल] सुरबेंि ुठाकुर, अिर सजचि, टीपीएल -IV MINISTRY OF FINANCE (Department Of Revenue) (CENTRAL BOARD OF DIRECT TAXES) NOTIFICATION New Delhi, the 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. [Notification No. 103 /2024, F.No.370142/17/2024-TPL] SURBENDU THAKUR, Under Secy., TPL-IV 6016 GI/2024 Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

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