The Vivad Se Vishwas Scheme 2.0, introduced in the 2024 Union Budget, is a significant initiative by the Indian government aimed at simplifying the process for taxpayers to settle ongoing income tax disputes. If you're looking to resolve pending appeals and avoid lengthy litigation, this scheme offers an effective solution.

What is Vivad Se Vishwas Scheme 2.0?

Vivad Se Vishwas 2.0 enables taxpayers to resolve income tax disputes by paying a predefined portion of their outstanding dues. Depending on the stage of the appeal, participants can settle their cases more efficiently and with minimal financial burden.

Key Features and Benefits:

• Start Date: The scheme launches on October 1, 2024, providing ample time for taxpayers to settle disputes before the next filing season.


• Who Can Apply: It is applicable for disputes pending as of July 22, 2024, in courts ranging from the Supreme Court to Income Tax Appellate Tribunals (ITAT) and other authorities.


• Payment Terms: Taxpayers can settle their dues by paying 100% to 120% of the disputed tax (depending on the timing), or a percentage of the disputed interest, penalty, or fee.

 

This scheme is a boon for those seeking to resolve tax disputes without the complications of drawn-out legal battles.

How to Apply for Vivad Se Vishwas 2.0

Applying for this scheme is straightforward and involves the submission of a few forms:

• Form-1: Declaration and undertaking by the taxpayer.


• Form-2: Certificate issued by the Designated Authority.


• Form-3: Intimation of payment by the taxpayer.


• Form-4: Final settlement order issued by the Designated Authority.

 

Why You Should Consider Vivad Se Vishwas 2.0

• Immunity from penalties: Once you opt in, you are protected from further penalties and legal actions related to disputed tax arrears.


• Quick resolution: Settle disputes quickly without the risk of paying more if delayed.

 

For those with ongoing income tax disputes, this scheme is an excellent opportunity to clear tax arrears and move forward with a clean slate. Don't miss out on this chance to settle your disputes before the December 31, 2024 deadline to avoid paying extra.

Learn More

If you want to dive deeper into the specifics of this scheme, explore our in-depth guide on the Vivad Se Vishwas Scheme 2.0, and don’t forget to share this resource with others who might benefit.