SRINAGAR, Dec 19: A delegation from the Kashmir Chamber of Commerce and Industry (KCCI) actively participated in a pivotal seminar and interactive session on the Direct Tax ‘Vivad Se Vishwas (DTVSV) Scheme-2024.’ Organized by the Income Tax Department at Aaykar Bhawan, Rajbagh, Srinagar, the event aimed to address tax-related disputes and foster greater clarity on the scheme’s implementation.
Led by senior vice president Ashiq Shangloo and accompanied by members such as Mushtaq Ahmad Wani and Dr. Tauseef Bhat, the KCCI delegation engaged in extensive discussions with IT Department officials. The session, chaired by Principal Commissioner of Income Tax J&K, Vikram Sahay, delved into the scheme’s framework, which was introduced in the Union Budget 2024-25 to facilitate dispute resolution for businesses and individuals.
Highlighting key provisions, officials explained how the scheme applies to appeals pending across appellate forums, writ petitions, and special leave petitions. Particular focus was given to cases before the Dispute Resolution Panel (DRP) that had not yet issued directions by July 22, 2024, as well as those where DRP directions had been issued but assessments were still pending.
Speaking on behalf of the delegation, Shangloo emphasized the importance of the initiative, stating, “This scheme represents a vital opportunity for the business community to resolve longstanding tax disputes efficiently. The clarity provided during this session, especially regarding eligibility and payment structures, has been invaluable for our members.”
The session also clarified that cases disposed of after July 22, 2024, but pending on the cutoff date, as well as those involving condonation of delay applications filed by that date, would qualify under the scheme. Officials outlined the payment structure, noting that declarations filed by December 31, 2024, would benefit from favorable terms outlined in Section 90 of the Finance (No. 2) Act, 2024. However, declarations filed from January 1, 2025, onward would adhere to different terms specified in the same legislation.
KCCI members expressed satisfaction with the detailed insights provided, affirming that the session reinforced their understanding of the scheme’s benefits. They acknowledged the Income Tax Department’s proactive efforts in bridging the gap between taxpayers and policymakers through such interactive engagements.