Tag: Vivad se Vishwas scheme

Income Tax in Media

Dispute Settlement: Decoding Vivad Se Vishwas Scheme 2.0

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The Union Budget 2024 witnessed the announcement of a sequel to the widely popular and successful ‘vivad se vishwas’ dispute settlement scheme introduced by the Government in 2020, in an attempt to reduce litigation and unlock revenues under disputes for the government. On September 19, 2024, the Central Board of Direct Taxes formally notified the Direct Tax Vivad Se Vishwas Scheme 2024 (“VSVS 2.0” or “Scheme”) to take effect from October 1, 2024 along with applicable rules and forms governing the procedure for implementation of the Scheme. 

Income Tax in Media

Vivad Se Vishwas Scheme 2024 FAQs released by income tax dept

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The Ministry of Finance has published certain clarifications and frequently asked questions (FAQs) about Direct Tax Vivad Se Vishwas Scheme 2024. This was announced in Budget 2024. The scheme aims to provide a dispute resolution opportunity to taxpayers for pending income tax litigations by forgiving all pending penalties and interest amount. However, this waiver of penalty and interest is conditional. To get the relief you must submit the appropriate form and also deposit the disputed tax demand amount by the specified date.

Income Tax in Media

New scheme to settle pending tax disputes from Oct 1: All you should know

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The Central Board of Direct Taxes (CBDT) has recently released notification, saying the Direct Tax Vivad Se Vishwas Scheme 2024 will come into effect from October 1, 2024. This scheme seeks to minimise income tax litigation by offering taxpayers the opportunity to settle ongoing income tax appeals, writs, and petitions pending before various appellate authorities, including the Supreme Court and high courts, as of July 22, 2024.