Quick Summary
The Finance Ministry has announced the launch of the second edition of the Direct Tax Vivad Se Vishwas Scheme 2024 (VSV 2.0), effective October 1, 2024. This initiative aims to reduce ongoing litigations related to income tax, following the success of its predecessor. In a notification issued by
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FAQ :
The scheme, also known as VSV 2.0, is set to launch on 1st October 2024.
The primary goal is to reduce ongoing litigations related to income tax by providing a cost-effective mechanism for settling disputed issues.
The scheme covers appeals, writ petitions, and special leave petitions pending as of July 22, 2024, across various appellate forums.
Taxpayers can resolve disputes through a streamlined process, with waived penalties and interest for settlements. No prosecution will be initiated for resolved cases.
Yes, cases involving searches, prosecutions, undisclosed foreign income, and those under specific legal restrictions or serious offenses are excluded.
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