Excelsior Correspondent
KATRA, Dec 20: A comprehensive interactive session and seminar on the `Direct Tax Vivad Se Vishwas (DTVSV) Scheme- 2024′ was organized by the Income Tax Department at Income Tax Office Katra, with the Chartered Accountants and other tax professionals of Katra and Reasi.
The interactive session was chaired by Vijay Choudhary, Income Tax Officer Katra and covered extensive ground on dispute resolution mechanisms for appeals pending before appellate forums, writ petitions, and special leave petition as on 22.07.2024.
Prominent among tax professional present were CA Ritender Gupta and CA Pankaj Sharma. The scheme, which was announced in the Union Budget 2024-25, offers a comprehensive frame- work and significant opportunities for businesses for resolving various tax- related disputes.
The gathering was apprised with valuable insights into the schemes mechanisms and benefits. During the session, it was clarified that the scheme allows settlement of cases even if they were disposed off after 22 July 2024, provided they were pending on the cut off date. Cases involving applications for condonation of delay filed before 22 July 2024, and subsequently admitted, are also eligible for the scheme. Crucial information about the scheme’s payment structure and timelines was also shared with the participants. Declarations filed on or before 31st December 2024, would be eligible for a more favourable payment rate as specified in column (3) of Section 90 of the Finance (No. 2) Act, 2024.
However, it was also clarified that declarations filed from January 1, 2025, onwards would be subject to different payment terms as outlined in column (4) of the same table. The tax professionals resolved to make aware about the scheme to eligible stakeholders and welcomed the initiative taken by Income Tax Department.
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