Quick Summary
The Income Tax Department has officially notified the Vivad Se Vishwas Scheme 2.0, aimed at providing a mechanism for settling pending income tax disputes with reduced settlement amounts for those who file declarations before December 31, 2024. The scheme, introduced by Finance Minister Nirmala Sith
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FAQ :
Vivad Se Vishwas Scheme 2.0 is a government initiative designed to help taxpayers settle pending income tax disputes with reduced settlement amounts.
The scheme officially comes into effect on October 1, 2024.
Taxpayers must file their declarations by December 31, 2024, to qualify for the lower settlement amounts.
After January 1, 2025, the tax settlement rates will increase by 10%, meaning you will pay more to settle your disputes.
Taxpayers need to file declarations electronically using specific forms, such as Form-1, which will soon be available on the Income Tax Department's e-filing portal.
Generally, a separate Form-1 submission is required for each dispute, unless both the appellant and the Income Tax Authority have appealed on the same issue, in which case a single form suffices.
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