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<h1>Finance Bill 2024 Introduces Direct Tax Vivad se Vishwas Scheme for Resolving Tax Disputes with Immunity from Penalties</h1> The Direct Tax Vivad se Vishwas Scheme, 2024, as outlined in the Finance (No. 2) Bill, 2024, introduces definitions and provisions for resolving tax disputes. Key terms include 'appellant,' 'appellate forum,' 'declarant,' 'disputed tax,' and 'tax arrear.' The scheme specifies procedures for filing declarations, determining payable amounts, and handling tax arrears. It offers immunity from certain penalties and prohibits refunds under the scheme. The scheme grants the Central Board of Direct Taxes and the Central Government authority to issue directions, resolve difficulties, and establish rules. The scheme's provisions are effective from a date notified by the Central Government.