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India Today
30-04-2025
- Business
- India Today
Vivad Se Vishwas 2.0 deadline ends today: Last call to settle income tax disputes
The deadline to resolve pending income tax appeals under Vivad Se Vishwas 2.0 closes today, April 30, 2025. This government-backed initiative, which started on October 1, 2024, allows for hassle-free resolution without interest or IS VIVAD SE VISHWAS 2.0?Vivad Se Vishwas 2.0 is a dispute resolution scheme run by the Income Tax Department. It gives taxpayers a chance to settle ongoing tax-related cases by avoiding the prolonged litigation process and simply paying the disputed tax is the second version of the Vivad Se Vishwas scheme. The first one, launched in 2020, helped solve several tax disputes across the nation. The government is hoping this iteration will do the same, cutting down the number of court cases and assisting in resolving pending cases CAN APPLY? You can apply for the scheme if you or the Income Tax Department have filed an appeal, writ petition, or Special Leave Petition (SLP) that was still pending as of July 22, can also apply if you have submitted objections before the Dispute Resolution Panel (DRP) under Section 144C of the Income Tax addition, you are eligible to participate in this scheme if you file your declaration under Section 90 of the Finance (No. 2) Act, IS IT IMPORTANT?advertisementThis scheme covers income tax disputes that were stuck at different stages, such as those pending with the Commissioner of Income Tax (Appeals), Income Tax Appellate Tribunal (ITAT), High Courts, and even the Supreme goal of this scheme is to reduce the burden on the courts and make it easier for taxpayers to close old tax matters. By offering relief on penalties and interest, the government is encouraging taxpayers to settle dues speedily. It also assists the government in earning revenue without engaging in lengthy court battles.
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Business Standard
29-04-2025
- Business
- Business Standard
Final call! Clear your tax disputes under VSV 2.0: Here's how
April 30 is the deadline for taxpayers to resolve pending income-tax disputes under Vivad Se Vishwas (VSV) 2.0. The scheme, launched in October 2024, aims to reduce litigation and expedite revenue collection by offering a structured mechanism for resolving disputes. A Push Toward Efficient Dispute Resolution 'The VSV 2.0 scheme is part of the Indian government's broader push to reduce tax litigation and unlock tied-up revenue,' says Karishma Phatarphekar, partner at Deloitte India. 'It aims to minimise the backlog in courts and foster a more taxpayer-friendly environment.' According to Phatarphekar, the first version of the scheme (VSV 1.0) resolved more than 146,000 tax appeals and helped recover around Rs 1 lakh crore as revenue. The government hopes the second version will yield similar results. Who is eligible for VSV 2.0 According to Phatarphekar, taxpayers are eligible if they have pending disputes as of July 22, 2024, including: Appeals Writ petitions Cases before the Dispute Resolution Panel, provided no final assessment order has been passed Taxpayers have to fill up Form-1 on the Income-Tax Department's website to avail of the scheme. This includes the disputed tax amount and supporting documents such as assessment orders and relevant notices. Why opt in Phatarphekar explains key benefits include: Waiver of interest and penalties Immunity from future proceedings Swift resolution without prolonged litigation However, she warns of tradeoffs. 'Any payment made under VSV 2.0 is non-refundable and once settled, disputes cannot be reopened — a double-edged sword for some.' Avoid Common Pitfalls Phatarphekar explains common errors in applications for the scheme: Miscalculating disputed tax amount Submitting incomplete documentation Missing the scheme's deadline 'Review your case thoroughly,' says Phatarphekar. 'Consult a tax expert, file ahead of time, and ensure all documents are in order.'
