SRINAGAR: A delegation from the Kashmir Chamber of Commerce and Industry (KCCI) participated in an interactive session and seminar on the Direct Tax Vivad Se Vishwas (DTVSV) Scheme 2024, organised by the Income Tax Department at Aaykar Bhawan, Rajbagh, Srinagar.
The event marked a significant step in resolving tax disputes in the region and attracted the attention of local businesses seeking clarity on the scheme’s implications.
The KCCI delegation, led by Senior Vice President Ashiq Shangloo, included Mushtaq Ahmad Wani and Tauseef Bhat. The group engaged in detailed discussions with Income Tax officials about the implementation of the scheme and its potential impact on the business community. Announced in the Union Budget for 2024-25, the scheme aims to provide a framework for resolving various tax-related disputes and streamline the process for businesses.
The session, chaired by Principal Commissioner of Income Tax J&K, Vikram Sahay, focused on the mechanisms for dispute resolution concerning pending appeals, writ petitions, and special leave petitions. Particular attention was given to cases before the Dispute Resolution Panel (DRP), where directions had not been issued by July 22, 2024, as well as those cases where directions were issued but assessment completion was still pending.
Ashiq Shangloo, speaking on behalf of the KCCI, emphasised the significance of the scheme, describing it as a valuable opportunity for businesses to resolve long-standing tax disputes. He also suggested that Income Tax officials consider launching a media campaign to raise awareness of the scheme and host seminars in all districts to ensure that the public is fully informed.
Officials at the session clarified several key aspects of the scheme, particularly regarding the eligibility of cases that were disposed of after the July 22, 2024, cutoff, provided they had been pending on that date. Cases involving applications for condonation of delay, filed before the cutoff date and subsequently admitted, were also confirmed to be eligible for the scheme. A crucial detail discussed was the requirement for payment to be made within fifteen days of receiving the certificate, with no provisions for adjustment against expected tax refunds.
The KCCI views the Vivad Se Vishwas Scheme as a transformative step towards reducing tax litigation and fostering a more business-friendly environment in Kashmir. Income Tax Department officials also outlined the scheme’s payment structure, noting that declarations filed on or before December 31, 2024, would be eligible for a more favourable payment rate. In contrast, those filed from January 1, 2025, onwards would be subject to different terms, as detailed in the Finance (No. 2) Act, 2024. The Chamber plans to actively inform its members of these deadlines and the benefits of early resolution.
