The Vivad Se Vishwas 2.0 Scheme 2024 (VSV 2.0) is all about solving income tax problems easily. This scheme helps taxpayers and the Income Tax Department to fix their disputes without any hassle.
With VSV 2.0, it is super simple for taxpayers to file appeals. They can go to different places like the Joint Commissioner of Income-tax (Appeals), the Income Tax Appellate Tribunal (ITAT), and even higher courts.
This scheme is really helpful because it covers all types of problems that need to be solved. It includes appeals, writ petitions, and special leave petitions that are still waiting to be sorted out as of July 22, 2024.
It allows taxpayers to settle their issues without paying penalties or interest, and there won’t be any legal action for cases that are resolved through this scheme. It also includes cases where objections have been raised before the Dispute Resolution Panel (DRP) if there’s no final assessment order yet. However, it does not cover cases related to searches, prosecutions, undisclosed foreign income, or taxpayers with serious legal issues.
About Vivad Se Vishwas Scheme
The Vivad Se Vishwas 2.0 Scheme is coming on October 1, 2024! This scheme helps taxpayers solve their tax problems. It is the second version of the scheme that started in 2020. Finance Minister Nirmala Sitharaman said this in the latest budget.
There are many tax disputes these days. More and more cases are going to appeal instead of getting solved. That’s why this new scheme is important. It will cover different types of disputes that are still pending as of July 22, 2024.
This includes appeals, writ petitions, and cases that are in front of the Dispute Resolution Panel. So, if you are facing any tax issues, keep an eye on the Vivad Se Vishwas 2.0 Scheme!
Right now, about 27 million direct tax demands, which add up to Rs. 35 lakh crore, are still stuck in courts. This is a big problem! Karishma R. Phatarphekar from Deloitte India says that companies should check these pending tax cases. This is important because tax rates are going to increase by 10% from January 1, 2025.
In the first scheme, around 1 lakh taxpayers took part, and it helped the government get about Rs. 75,000 crore. That’s a lot of money! The new scheme is here to help taxpayers settle their disputes in a much easier way. This will make it simpler for people to deal with their taxes.
If you are someone who might need to look into tax demands or settle your tax problems, this new scheme could be a great chance for you. Keep an eye on updates about it!
Also Read: PM E Drive Scheme
Vivad Se Vishwas 2.0 Scheme Objective
Here are the key objectives of the Vivad Se Vishwas Scheme:
- The primary objective of the scheme is to minimize ongoing tax disputes and litigation in courts.
- The aim is to provide a clear and efficient process for taxpayers to resolve disputes.
- The scheme aims to offer taxpayers a chance to settle their tax issues without penalties or interest.
- The scheme aims to help taxpayers resolve disputes at a lower cost and without lengthy legal battles.
- To address the large number of pending tax cases in various legal forums.
- The aim is to encourage taxpayers to comply with tax regulations and settle outstanding issues.
- The scheme aims to cover various types of pending cases, including appeals and objections before relevant authorities.
Summary of Vivad Se Vishwas 2.0 Scheme
| Name of the Scheme | Vivad Se Vishwas 2.0 Scheme 2024 |
| Launched By | Government of India |
| Launch Date | On October 1, 2024 |
| Department | The Income Tax Department |
| Coverage | Pending disputes as of July 22, 2024, including appeals, writ petitions, and objections |
| Exclusions | Cases involving searches, prosecutions, undisclosed foreign income, and serious legal offenses |
| Current Pending Cases | Approximately 27 million direct tax demands totaling about Rs. 35 lakh crore |
| First Scheme Participation | About 1 lakh taxpayers; Rs. 75,000 crore collected |
| Goal | Provide a cost-effective mechanism for settling disputes and reduce the burden on the judicial system |
| Beneficiaries | Taxpayers with pending income tax disputes eligible for settlement. |
| Benefits | Waiver of penalties and interest, no prosecution for resolved cases |
| Objective | To reduce ongoing tax litigation |
| State | All States of India |
| Year | 2024 |
| Form of Benefit | Tax dispute resolution |
| Hosting Site | NIC (National Informatics Center) |
| Mode of Application | Online |
| Official Website | To be released soon |
Eligibility Criteria
Eligibility Criteria for the scheme are as follows:
- Must have pending income tax disputes or appeals as of July 22, 2024.
- Applicable Forums:
- Supreme Court
- High Courts
- Income Tax Appellate Tribunal (ITAT)
- Commissioner/Joint Commissioner (Appeals)
- Cases pending before the DRP are included.
- Must have revision petitions awaiting decisions from the Commissioner of Income Tax.
- The scheme is available for both taxpayers and tax authorities who are part of the disputes.
Also Read: Ullas Scheme
Benefits of Vivad Se Vishwas 2.0 Scheme
Here are some key benefits of the scheme which are as follows:
- The scheme helps decrease ongoing tax disputes in courts.
- This scheme offers a faster way to settle tax issues.
- The scheme waives penalties and interest on settled disputes.
- The scheme ensures that no legal action for cases resolved under the scheme.
- It includes appeals, writ petitions, and disputes before tax authorities.
- It promotes timely resolution and compliance with tax laws.
- The scheme reduces legal costs associated with prolonged litigation.
- This scheme Provides clarity and certainty in tax matters.
Required Documents
To avail of the benefits under the scheme, candidates should have the following documents:
- Aadhar Card
- PAN Card
- Residence Certificate
- Dispute Details
- Appeal Documents
- DRP Objections
- Revision Petitions
- Tax Returns
- Payment Receipts
- Passport size Photograph
- Mobile Number
Important Dates
- Scheme Start Date: October 1, 2024
- Eligibility Cut-off Date: July 22, 2024 (for pending disputes)
- Deadline for Application Submission: To be announced
Vivad Se Vishwas 2.0 Scheme Application Process
The Vivad Se Vishwas Scheme 2024 is going to start on October 1, 2024. This scheme is for taxpayers who want to solve their current tax problems. Right now, the scheme isn’t fully opened yet, and there isn’t any official way to apply announced. We don’t know if you can apply online or offline.
If you are interested in this scheme, it’s best to keep checking the official government websites for news about how to apply. When the official platform is ready, you will probably be able to fill out your applications online to get the benefits of this scheme.
Any new details about how to apply will be shared as soon as they come out. So, make sure to stay updated for the latest news about the Vivad Se Vishwas Scheme!
Contact Details
Income Tax Department Helpline:
- Phone: 1800 180 1961 / 1800 103 1961
- Email: contact[at]incometax[dot]gov[dot]in
FAQs
What is the Vivad Se Vishwas 2.0 Scheme?
It is a government initiative aimed at resolving ongoing income tax disputes and reducing litigation.
When does the scheme start?
The scheme will begin on October 1, 2024.
Who can participate in the scheme?
Taxpayers with pending income tax disputes or appeals as of July 22, 2024, can participate.
What types of disputes are covered?
The scheme covers appeals, writ petitions, and objections pending before various tax authorities.
Will there be penalties for settling disputes?
Penalties and interest will be waived for cases resolved under the scheme.
How can I apply for the scheme?
The application process has not been officially announced yet. Stay tuned for updates from government channels.