Taxmann's Law Relating To Direct Tax Vivad Se Vishwas Scheme 2024 – Comprehensive Guide to the DTVSV—Featuring Practical Analysis | Case Studies | Step-by-step Filing Guidance

Book excerpt: This book provides a comprehensive, practical guide to the Direct Tax Vivad se Vishwas Scheme (DTVSV/Scheme) 2024, aimed at simplifying the resolution of income tax disputes. It breaks down the DTVSV's provisions, explaining its objectives, eligibility, and the procedure to file a declaration. With a detailed analysis of the scheme's legal framework, supported by relevant case laws, CBDT clarifications, and case studies, the book is a complete resource for understanding how to resolve pending direct tax disputes effectively. The book covers key areas like the consequences of opting for the scheme, how to compute the payable amount and the step-by-step process of filing online declarations. It also clarifies which cases and persons are barred from making declarations under the scheme and guides disputes that fall outside its purview. This book is helpful for tax professionals, legal practitioners, and taxpayers by offering in-depth insights, practical guidance, and easy-to-understand explanations of complex tax disputes. The Present Publication is the Latest Edition, amended by the Finance (No. 2) Act, 2024. This book is authored by CA. Srinivasan Anand G., with the following noteworthy features: • [Detailed Analysis with Practical Insights] The book breaks down the DTVSV, aligning it with judicial decisions and clarifications issued by the CBDT. It simplifies the rules of the scheme, enabling readers to understand who can make a declaration, the implications of opting for it, and how disputes are resolved • [Illustrative Case Studies] To provide actionable insights, the book includes case studies that highlight the application of DTVSV in various tax scenarios, demonstrating how disputes can be settled effectively under the scheme • [Step-by-Step Guidance for Online Filing] The book features a visual guide to filing an online declaration in Form-1 under the scheme, complete with screenshots and instructions for a smooth and accurate submission process The structure of the book is as follows: • Introduction to the Scheme o An overview of DTVSV, its objectives, and comparisons with the previous DTVSV 2020, establishing the legal foundation and purpose of the scheme • Eligibility, Consequences, and Scope o These chapters explore who can make a declaration, the consequences for pending disputes, and the meaning of 'appeal' and 'pending' status, providing clarity on eligible cases and taxpayers • Restrictions and Computation o The book identifies tax arrears and persons barred from making declarations and provides a clear method for calculating the payable amount under the scheme for various tax disputes • Procedural Guidance and Benefits o A detailed guide on how to file declarations and make payments, along with a discussion of the benefits and finality of outcomes after making declarations under DTVSV • Practical Case Studies and Online Filing Process o The latter chapters present case studies to illustrate the scheme's provisions and a step-by-step process for online filing with visual aids • Supplementary Resources o Relevant Legal Provisions and Rules – Extracts from the Finance (No. 2) Act, 2024, and DTVSV Rules 2024 o Clarifications on Prior Dispute Schemes – Contextual notes on past schemes to provide comprehensive background information. o Notifications and Designations – Important updates on authorities designated under DTVSV 2024