Direct Tax Vivad Se Vishwas Scheme introduces immunity for tax disputes with payment

This Bill implements the financial proposals of the Central Government for the financial year 2024-2025. It amends various tax laws, including income-tax, customs, excise, and Goods and Services Tax (GST), and introduces a new scheme for resolving direct tax disputes.

Individuals, Hindu undivided families, companies, associations of persons, bodies of individuals, artificial juridical persons, co-operative societies, and other entities subject to income-tax, customs duties, excise duties, and GST in India.

• Sets income-tax rates and surcharges for the assessment year commencing April 1, 2024.
• Amends numerous sections of the Income-tax Act, 1961, including provisions for deductions, exemptions, and penalties.
• Introduces the Direct Tax Vivad Se Vishwas Scheme, 2024, allowing declarants to settle tax disputes by paying a specified amount in exchange for immunity from certain proceedings and penalties.
• Amends the Customs Act, Customs Tariff Act, Central Excise Act, and various GST Acts (Central, Integrated, Union Territory, and Compensation to States).
• Amends the Prohibition of Benami Property Transactions Act, 1988, the Finance (No.2) Act, 2004, the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015, and the Finance Act, 2016.
• Sections 2 to 87 are deemed to have come into force on April 1, 2024, while sections 110 to 153 will come into force on a date appointed by the Central Government.

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