Filing Form 1 under the Direct Tax
Filing Form 1 under the Direct Tax The Direct Tax Vivad se Vishwas Scheme, 2024 (DTVsV Scheme) was introduced by the Government of India to resolve pending income tax disputes, aiming to reduce litigation and facilitate dispute resolution. The scheme, enacted through the Finance (No. 2) Act, 2024, came into effect on October 1, 2024, and includes several forms for different stages of the dispute resolution process. Filing Form 1 under the Direct Tax Among these, Form 1 is used to file a declaration and undertaking under the scheme.
In this blog, we will walk you through the steps to access, complete, and submit Form 1 on the Income Tax Department’s e-Filing portal.
What is Form 1?
Form 1 is the declaration filed by taxpayers under the DTVsV Scheme, 2024. Filing Form 1 under the Direct Tax It enables the declarant to provide details of their disputed tax arrears and the amount payable under the scheme.
Who Needs to File Form 1?
Any taxpayer who has pending disputes in income tax cases and wishes to resolve them under the DTVsV Scheme can file Form 1.
Prerequisites for Filing Form 1
Before filing Form 1, ensure the following:
- Registered PAN: You must have a PAN registered on the Income Tax Department’s e-Filing portal.
- Digital Signature Certificate (DSC): If your income tax return requires filing with a DSC, you must use the same for Form 1.
- Electronic Verification Code (EVC): Filing Form 1 under the Direct Tax For those not required to use a DSC, EVC can be used for verification.
Form 1 Overview
Form 1 is divided into six parts and 27 schedules, each requiring specific information. Below is an overview:
- Part A: General Information (e.g., name, email, mobile, appeal reference number)
- Part B: Information about the dispute (e.g., tax arrear type, appellate authority, date of order)
- Part C: Tax arrears details
- Part D: Amount payable
- Part E: Payments made against tax arrears
- Part F: Net amount payable or refundable
The 27 schedules collect detailed information related to the nature of disputes, tax authority, and appellant.
Step-by-Step Guide to Filing Form 1
Follow these steps to file Form 1 on the e-Filing portal:
Step 1: Login to the e-Filing Portal
- Visit Income Tax e-Filing Portal.
- Log in using your valid credentials (PAN/Aadhaar, password, and captcha).
Step 2: Navigate to the Form
- On your dashboard, go to e-File > File Income Tax Forms.
- Search for “Vivad se Vishwas Scheme, 2024 – Form 1” or use the search box.
Step 3: Select Declaration Type
- On the Form 1 page, choose whether the declaration relates to TDS disputes under Sections 194-IA, 194-IB, or 194-M.
- Click Continue.
Step 4: Provide Details
- Fill in Part A (General Information): Enter your name, email ID, mobile number, and appeal reference details.
- Enter information for Part B to Part F, including:
- Dispute details
- Tax arrears
- Payments already made
- Net amount payable or refundable
Step 5: Complete Schedules
- Enter details in the applicable 27 schedules based on the nature of the dispute and your tax records.
Step 6: Verify Details
- After entering all required information, go to the Verification Tab.
- Confirm the accuracy of the data.
Step 7: Undertaking
- Proceed to the Undertaking Tab and accept the terms.
Step 8: Preview the Form
- Click Preview to review the form before submission.
- Ensure all details are correct.
Step 9: Submit and e-Verify
- Click Proceed to e-Verify.
- Choose a verification mode (DSC, EVC, or Aadhaar OTP) to complete the process.
Step 10: Acknowledgment
- After successful submission, you will receive an acknowledgment number via email and SMS.
- You can download the submitted form from the View Filed Forms section on the e-Filing portal.
Conclusion
Filing Form 1 under the Direct Tax The DTVsV Scheme is a great opportunity for taxpayers to resolve their pending disputes quickly and efficiently. Filing Form 1 is a straightforward process that allows you to benefit from this scheme. Filing Form 1 under the Direct Tax Make sure to follow the steps mentioned above and keep all required information handy before starting the process. Filing Form 1 under the Direct Tax For any issues, consult a tax advisor or contact the Income Tax Department’s helpdesk.
Do you have further queries or need assistance with the DTVsV Scheme? Feel free to leave your comments below!
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