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Central Government notifies commencement date of Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2.0) and rules and forms for settlement
On 19 September 2024, the Central Board of Direct Taxes (CBDT) issued Notification No. 103/2024 specifying 1 October 2024 as the date on which VSV 2.0 shall come into force. Accordingly, taxpayers can file declaration under VSV 2.0 on or after 1 October 2024, but before the sunset date (to be notified).
On 20 September 2024, the CBDT issued a Notification [1] notifying the “Direct Tax Vivad se Vishwas Rules, 2024 (VSV Rules 2.0)” in relation to the Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2.0). VSV Rules 2.0, inter-alia, prescribe: (i.) The computation of the losses, unabsorbed depreciation, Minimum Alternate Tax (MAT) credit and Alternative Minimum Tax (AMT) credit that can be carried forward when the dispute settled under VSV 2.0 pertains to such losses, unabsorbed depreciation and MAT/AMT credit (ii.) The computation of disputed tax for issues covered in favor of the taxpayer (iii.) Forms in which declaration, waiver of right to appeal and intimation of payment are required to be made by the taxpayer (iv.) Forms in which the certificate and order are to be issued by the Designated Authority (DA).