Vivad Se Vishwas 2.0 Scheme PDF - Vivad Se Vishwas 2.0 tax resolution scheme to launch on 1 Oct. 2024

The Vivad Se Vishwas 2.0 Scheme 2024 is an initiative introduced by the Government of India to resolve income tax disputes in an efficient and simplified manner. This scheme is part of the government's broader efforts to reduce tax-related litigation and streamline the tax dispute settlement process. The scheme is scheduled to launch on October 1, 2024, following its announcement in the Union Budget 2024-25.

Building upon the success of the original Vivad Se Vishwas Scheme from 2020, this new version aims to address more complex and high-value tax disputes. It provides taxpayers an opportunity to settle their pending cases by paying the principal tax liability while waiving penalties and interest. The key goal of this initiative is to reduce the burden on courts and provide a cost-effective way for taxpayers to resolve their disputes with the Income Tax Department.

The scheme targets approximately 2.7 crore direct tax disputes, which collectively amount to ₹35 lakh crore. These disputes are spread across various appellate forums, including the Supreme Court, high courts, Income Tax Appellate Tribunals (ITATs), and the Commissioner of Income Tax (Appeals).

The government hopes that the Vivad Se Vishwas 2.0 Scheme will boost tax revenue by encouraging voluntary compliance while providing relief to taxpayers from prolonged litigation. With tax payment rates set to rise by January 1, 2025, the scheme offers a limited window for taxpayers to benefit from reduced tax liabilities.

Key features of this scheme include its applicability to pending appeals, writ petitions, and revision petitions, and exclusions for cases involving serious offenses or undisclosed foreign income.

Vivad Se Vishwas 2.0 Scheme 2024 Launch Date

The Vivad Se Vishwas 2.0 Scheme will officially launch on October 1, 2024, as notified by the Union Finance Ministry. From this date, taxpayers with pending direct tax disputes can begin applying to settle their cases. The launch follows the success of the original 2020 scheme, which helped clear a substantial number of tax litigations. With an estimated 2.7 crore disputes currently under appeal, the government aims to replicate the success of the previous scheme and streamline the tax litigation process.

Vivad Se Vishwas 2.0 Scheme Launch Date

The Vivad Se Vishwas 2.0 Scheme will officially launch on October 1, 2024, as notified by the Union Finance Ministry. From this date, taxpayers with pending direct tax disputes can begin applying to settle their cases. The launch follows the success of the original 2020 scheme, which helped clear a substantial number of tax litigations. With an estimated 2.7 crore disputes currently under appeal, the government aims to replicate the success of the previous scheme and streamline the tax litigation process.

Vivad se vishwas 2.0 Scheme Summary

The Vivad Se Vishwas 2.0 Scheme, launching on October 1, 2024, is a direct tax dispute resolution initiative aimed at reducing income tax litigation in India. Announced in the Budget 2024-25, the scheme targets 2.7 crore pending tax disputes, totaling approximately ₹35 lakh crore. Taxpayers with disputes pending as of July 22, 2024, in appellate forums such as the Supreme Court, high courts, tribunals, and before tax commissioners, can settle by paying the principal tax amount, avoiding penalties and interest.

The scheme excludes certain cases involving serious offenses, searches, or undisclosed foreign income. Its goal is to simplify tax settlements, ease the burden on the judicial system, and improve revenue collection. Building on the success of the 2020 Vivad Se Vishwas scheme, which collected ₹75,000 crore and resolved over 1 lakh disputes, the 2.0 version is expected to further streamline tax compliance and reduce litigation.

Taxpayers are encouraged to act before the January 1, 2025 deadline when tax payment rates will rise.

What is Vivad Se Vishwas 2.0 Scheme 2024?

The Vivad Se Vishwas 2.0 Scheme 2024 is an initiative launched by the Indian government to resolve pending direct tax disputes in a simplified manner. Announced in the Budget 2024-25 and set to come into effect on October 1, 2024, this scheme is designed to reduce litigation related to income tax cases, helping both taxpayers and tax authorities settle disputes without prolonged legal processes.

The scheme targets disputes that were pending as of July 22, 2024, across various appellate forums, such as the Supreme Court, high courts, the Income Tax Appellate Tribunal (ITAT), and Commissioners of Income Tax (Appeals). Taxpayers can resolve these cases by paying the principal tax amount while receiving waivers on penalties and interest. The key objective is to offer a cost-effective and time-saving solution for resolving income tax disputes.

Vivad Se Vishwas 2.0 builds on the original 2020 version, which successfully resolved over 1 lakh disputes and collected ₹75,000 crore for the government. The updated scheme aims to address more complex and high-value disputes, making it easier for taxpayers to settle cases and avoid lengthy litigation. However, certain cases, such as those involving searches, serious offenses, or undisclosed foreign income, are not eligible under the scheme.

About Vivad Se Vishwas 2.0 Scheme 2024

The Vivad Se Vishwas 2.0 Scheme 2024 is a direct tax dispute resolution scheme introduced by the Indian government as part of the Budget 2024-25. This scheme, set to commence on October 1, 2024, is designed to help taxpayers and tax authorities settle ongoing income tax disputes through a simplified process, thereby reducing litigation and easing the burden on the judicial system.

The scheme focuses on resolving disputes that are pending as of July 22, 2024, in various appellate forums such as the Supreme Court, high courts, Income Tax Appellate Tribunal (ITAT), and the Commissioner of Income Tax (Appeals). Taxpayers can opt to settle their disputes by paying the principal tax amount, with a waiver on penalties and interest. This makes the scheme attractive for those looking to close long-pending tax disputes without further legal costs or delays.

Vivad Se Vishwas 2.0 builds on the success of the original 2020 scheme, which helped resolve over 1 lakh disputes and raised ₹75,000 crore in tax collections. The 2024 version is expected to target more complex and higher-value disputes, further simplifying the tax settlement process.

However, certain categories of cases are excluded from the scheme, such as those involving searches, serious legal offenses, or undisclosed foreign income. By offering a cost-effective mechanism for resolving disputes, Vivad Se Vishwas 2.0 aims to improve compliance, boost government revenue, and reduce the burden on both taxpayers and the courts.

Objective of Vivad Se Vishwas 2.0 Scheme 2024

The primary objective of the Vivad Se Vishwas 2.0 Scheme 2024 is to reduce the backlog of pending direct tax disputes and simplify the process of tax resolution for both taxpayers and the tax authorities. By providing a streamlined mechanism to settle disputes, the scheme aims to achieve the following:

• Reduce Litigation: The scheme is designed to reduce the burden of ongoing legal battles by allowing taxpayers to resolve disputes without going through lengthy court processes. It targets cases pending as of July 22, 2024, across various forums, including the Supreme Court, high courts, Income Tax Appellate Tribunal (ITAT), and Commissioners of Income Tax (Appeals).
• Increase Government Revenue: By encouraging taxpayers to settle disputes by paying only the principal tax amount, with waivers on penalties and interest, the scheme aims to improve revenue collection for the government without prolonging legal procedures.
• Ease the Judicial Burden: By resolving a large number of disputes outside the court system, the scheme seeks to lessen the burden on the judiciary, allowing courts to focus on more critical cases.
• Encourage Voluntary Compliance: The scheme promotes voluntary settlement by offering taxpayers a simplified and attractive option to resolve disputes without the fear of penalties, interest, or prosecution.
• Boost Confidence in the Tax System: Through its transparent and simplified process, Vivad Se Vishwas 2.0 aims to build trust between taxpayers and the government, fostering a more cooperative tax environment.

Overall, the scheme aligns with the government’s goal of improving tax compliance and ensuring a fair, effective, and efficient tax administration.

Income Tex Vivad Se Vishwas 2.0 Scheme 2024 - Highlight

Benefits of Vivad Se Vishwas 2.0 Scheme 2024 PDF

The Vivad Se Vishwas 2.0 Scheme 2024 offers several benefits to both taxpayers and the government:

• Reduction of Litigation: The scheme aims to settle long-pending tax disputes, easing the burden on courts and appellate forums, and providing relief to taxpayers from prolonged legal battles.
• Waiver of Penalties and Interest: Taxpayers can resolve disputes by paying the principal tax amount, with penalties, interest, and fines being waived off. This makes the settlement more cost-effective for taxpayers.
• No Prosecution: Under the scheme, cases resolved through settlement will not result in prosecution, offering taxpayers peace of mind and a clean slate.
• Streamlined Process: The scheme provides a simplified and efficient mechanism for resolving disputes, reducing the complexity and time involved in traditional legal procedures.
• Increased Taxpayer Compliance: By resolving disputes amicably and offering a clear path to settlement, the scheme encourages taxpayers to comply with tax regulations, thereby reducing future litigation.
• Enhanced Government Revenue: The government expects significant revenue collection from disputed taxes, contributing to its financial resources without the need for lengthy legal processes.
• Quick Resolution: With tax payment rates increasing by 10% from January 1, 2025, the scheme incentivizes taxpayers to settle disputes quickly and at a lower cost.

Overall, the scheme benefits taxpayers by reducing their financial burden and uncertainty, while also benefiting the government by unlocking substantial revenue and reducing legal backlogs.

Key Features of Vivad Se Vishwas 2.0 Scheme 2024

The Vivad Se Vishwas 2.0 Scheme 2024 is designed to provide taxpayers a streamlined process for settling ongoing income tax disputes. Below are its key features:

• Coverage of Pending Disputes: The scheme applies to all direct tax disputes pending as of July 22, 2024, in various appellate forums. This includes disputes at the level of the Supreme Court, High Courts, Income Tax Appellate Tribunal (ITAT), and before the Commissioner/Joint Commissioner of Income Tax (Appeals).
• Appeals Across Forums: The scheme allows for the settlement of appeals, writ petitions, and special leave petitions pending in higher courts, as well as objections before the Dispute Resolution Panel (DRP) where no final assessment order has been issued.
• Tax Payment Without Penalties or Interest: Taxpayers opting for the scheme can settle their cases by paying the principal tax demand without having to pay penalties or interest. This reduces the overall tax liability significantly, encouraging voluntary settlement.
• No Prosecution: Taxpayers who settle disputes under the Vivad Se Vishwas 2.0 scheme will not face prosecution for the cases resolved. This provides added legal protection and peace of mind for participants.
• Exclusion of Certain Cases: The scheme excludes cases involving serious tax offenses, such as search and seizure operations, undisclosed foreign income, or taxpayers under specific legal restrictions. Those involved in these cases are ineligible to participate.
• Time-Limited Window: The scheme offers a limited window for taxpayers to settle their disputes. With tax payment rates increasing by 10% from January 1, 2025, it is crucial for taxpayers to act swiftly to take advantage of reduced tax liabilities.
• Enhanced Focus on High-Value Disputes: Vivad Se Vishwas 2.0 is geared towards resolving high-value and complex tax disputes, expanding the scope of cases beyond the original 2020 scheme.

These features make Vivad Se Vishwas 2.0 an attractive option for taxpayers looking to resolve longstanding tax disputes while benefiting from reduced liabilities and avoiding penalties or prosecution.

Vivad Se Vishwas 2.0 Scheme PDF

The Vivad Se Vishwas 2.0 Scheme PDF will provide comprehensive details regarding the scheme, including its rules, application process, eligibility criteria, and necessary forms. Here's what you can expect from the PDF:

• Overview of the Scheme: The PDF will include a detailed explanation of the Vivad Se Vishwas 2.0 Scheme, its objectives, and the rationale behind its introduction.
• Eligibility Criteria: Information on who can participate in the scheme, including specifics about pending disputes as of July 22, 2024, and the types of cases eligible for settlement.
• Application Process: Step-by-step instructions on how to apply for the scheme, including required documentation and submission methods (both online and offline).
• Settlement Terms: Details on how taxpayers can settle their disputes, including the waiver of penalties and interest, and the conditions for settlement.
• Exclusions: A clear outline of cases that are not eligible for the scheme, ensuring taxpayers understand the limitations.
• Deadlines: Important dates regarding the scheme, including the launch date (October 1, 2024) and any critical deadlines for applications.
• Contact Information: Resources for further assistance, including contact details for the Income Tax Department for any queries related to the scheme.

How to Download Vivad Se Vishwas 2.0 PDF

The PDF for the Vivad Se Vishwas 2.0 Scheme will be available for download on the official website of the Income Tax Department of India. Here’s how to access it:

• Visit the Official Website: Go to the Income Tax Department's website.
• Locate the Scheme Section: Navigate to the section dedicated to taxpayer services or schemes.
• Find Vivad Se Vishwas 2.0: Look for the Vivad Se Vishwas 2.0 Scheme link or announcement.
• Download the PDF: Click on the provided link to download the PDF document.

Ensure you check the website regularly for updates, as the PDF and additional resources will be made available closer to the launch date.

Direct tax Vivad se Vishwas Scheme 2024 PDF

The Direct Tax Vivad Se Vishwas Scheme 2024 is a government initiative aimed at resolving ongoing income tax disputes effectively. Set to launch on October 1, 2024, this scheme builds on the success of its predecessor from 2020, targeting the resolution of approximately 2.7 crore disputes amounting to nearly ₹35 lakh crore.

The scheme allows taxpayers to settle their pending disputes by paying the principal tax amount, with waivers on penalties and interest, thus simplifying the resolution process. It covers cases pending in various appellate forums, including the Supreme Court, High Courts, Income Tax Appellate Tribunal (ITAT), and Commissioner/Joint Commissioner of Income Tax (Appeals) as of July 22, 2024. Importantly, taxpayers opting for this scheme will not face prosecution for resolved cases.

However, certain disputes involving serious offenses or undisclosed foreign income are excluded from eligibility. The initiative aims to reduce litigation, enhance taxpayer compliance, and boost government revenue. As tax payment rates are set to increase in January 2025, taxpayers are encouraged to act swiftly to take advantage of the favorable settlement terms offered by the Vivad Se Vishwas 2.0 Scheme.