What is the Vivaad se Vishwas Scheme 2024?

The Vivaad se Vishwas Scheme 2024 is a government initiative aimed at resolving disputed direct tax issues through a low-cost resolution mechanism, reducing litigation and clearing the backlog of pending tax appeals.

Why is the Vivaad se Vishwas Scheme being reintroduced in 2024?

The scheme is being reintroduced to address the growing backlog of tax disputes at various appellate levels and to simplify the resolution process, following the success of its 2020 implementation.

What are the key features of the Vivaad se Vishwas Scheme 2024?

Key features include resolving pending tax disputes at lower costs, generating revenue by encouraging settlement, and reducing litigation by clearing cases from appellate forums.

What changes have been proposed in the Budget 2024 related to the Income Tax Act, 1961?

One major change is the replacement of indexation benefits with a Long-Term Capital Gains (LTCG) rate of 12.5% on property sale proceeds, simplifying tax computation.

What is the Vivaad se Vishwas Scheme 2024?

The Vivaad se Vishwas Scheme 2024 is a government initiative aimed at resolving disputed direct tax issues through a low-cost resolution mechanism, reducing litigation and clearing the backlog of pending tax appeals.

Why is the Vivaad se Vishwas Scheme being reintroduced in 2024?

The scheme is being reintroduced to address the growing backlog of tax disputes at various appellate levels and to simplify the resolution process, following the success of its 2020 implementation.

What are the key features of the Vivaad se Vishwas Scheme 2024?

Key features include resolving pending tax disputes at lower costs, generating revenue by encouraging settlement, and reducing litigation by clearing cases from appellate forums.

What changes have been proposed in the Budget 2024 related to the Income Tax Act, 1961?

One major change is the replacement of indexation benefits with a Long-Term Capital Gains (LTCG) rate of 12.5% on property sale proceeds, simplifying tax computation.

What is the Vivaad se Vishwas Scheme 2024?

The Vivaad se Vishwas Scheme 2024 is a government initiative aimed at resolving disputed direct tax issues through a low-cost resolution mechanism, reducing litigation and clearing the backlog of pending tax appeals.

Why is the Vivaad se Vishwas Scheme being reintroduced in 2024?

The scheme is being reintroduced to address the growing backlog of tax disputes at various appellate levels and to simplify the resolution process, following the success of its 2020 implementation.

2024-08-27T20:05:03.187612782+05:30[Asia/Kolkata]

Key features include resolving pending tax disputes at lower costs, generating revenue by encouraging settlement, and reducing litigation by clearing cases from appellate forums.

What is the Vivaad se Vishwas Scheme 2024?

The Vivaad se Vishwas Scheme 2024 is a government initiative aimed at resolving disputed direct tax issues through a low-cost resolution mechanism, reducing litigation and clearing the backlog of pending tax appeals.

Why is the Vivaad se Vishwas Scheme being reintroduced in 2024?

The scheme is being reintroduced to address the growing backlog of tax disputes at various appellate levels and to simplify the resolution process, following the success of its 2020 implementation.

2024-08-27T20:05:03.187612782+05:30[Asia/Kolkata]

Key features include resolving pending tax disputes at lower costs, generating revenue by encouraging settlement, and reducing litigation by clearing cases from appellate forums.

What is the Vivaad se Vishwas Scheme 2024?

The Vivaad se Vishwas Scheme 2024 is a government initiative aimed at resolving disputed direct tax issues through a low-cost resolution mechanism, reducing litigation and clearing the backlog of pending tax appeals.

Why is the Vivaad se Vishwas Scheme being reintroduced in 2024?

The scheme is being reintroduced to address the growing backlog of tax disputes at various appellate levels and to simplify the resolution process, following the success of its 2020 implementation.

2024-08-27T20:05:03.187612782+05:30[Asia/Kolkata]

Key features include resolving pending tax disputes at lower costs, generating revenue by encouraging settlement, and reducing litigation by clearing cases from appellate forums.

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Budget 2024: Reintroduction Of Vivaad Se Vishwas Scheme For Dispute Resolution

Q: Which appellate forums are covered under the Vivaad se Vishwas Scheme 2024?

The scheme covers disputed tax issues pending at the Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals), Income-Tax Appellate Tribunal, High Courts, and the Supreme Court.

Q: Which appellate forums are covered under the Vivaad se Vishwas Scheme 2024?

The scheme covers disputed tax issues pending at the Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals), Income-Tax Appellate Tribunal, High Courts, and the Supreme Court.

Alankar Mishra

Author

Updated: 28-01-2025 at 6:33 AM

Budget 2024: Reintroduction Of Vivaad Se Vishwas Scheme For Dispute Resolution

The Budget 2024 proposes to bring back the Vivaad se Vishwas Scheme, a direct tax dispute-resolving govt scheme. At first, it was launched in 2020 and received an impressive response from taxpayers which led to the Government earning substantial revenue. This reintroduction seeks to clear the growing appeals backlog and simplify the resolution of disputed direct tax issues.

Why Is The Vivaad Se Vishwas Scheme Needed?

There has been an immense escalation of litigation in direct tax matters, resulting in a backlog at various appellate levels. The Vivaad se Vishwas Act, 2020 has managed to reduce pending tax appeals and also generate timely revenue. Given this success, the Budget 2024 aims to reintroduce the govt scheme as a low-cost resolution mechanism and also reduce litigation.

Key Features Of The Vivaad Se Vishwas Scheme 2024

The Direct Tax Vivaad se Vishwas Scheme 2024 will target disputed tax issues that are currently pending at various appellate forums including Joint Commissioner of Income-tax (Appeals), Commissioner of Income-tax (Appeals), Income-Tax Appellate Tribunal, High Courts and Supreme Court. There are objectives behind this government scheme:

Resolve Pending Disputes: By providing a platform for settlement of disputes at less than normal costs.
Generate Revenue: By encouraging taxpayers to end disputes without long-drawn-out litigation.
Reduce Litigation: By streamlining the system to wipe out the backlog cases in appellate forums.

Changes In Tax Regulations

Apart from that there are also some amendments proposed by the Budget 2024 to Income Tax Act,1961. One major change is the replacement of indexation benefits with Long-Term Capital Gains(LTCG) rate at 12.5% on property sale proceeds. This move is aimed at simplifying taxation computation while promoting compliance.

Implementation and Benefits

These dates will be notified by CG about the effective date and end of the Vivaad se Vishwas Scheme 2024. Implementation of the govt scheme is expected to result in numerous benefits such as:

Efficient Dispute Resolution: This will relieve the burden on appellate authorities and hasten the resolution process.
Cost-Effective: Litigation costs for both taxpayers and the government can be reduced.
Increased Compliance: Tax regulations should be simplified to encourage more and more taxpayers to settle disputes via the scheme.

Expert Opinions

Tax professionals have lauded the reintroduction of the Vivaad se Vishwas Scheme. Sandeep Puri, Partner at Price Waterhouse & Co LLP said, “The tax proposals in Union Budget emphasise on simplification and rationalisation. Simplifying tax laws through a comprehensive review of existing direct tax law would reduce litigation thereby providing certainty.”

Mihir Tanna, Associate Director at SK Patodia & Associates LLP added, “After good response from Vivaad se Vishwas-2020, reintroduction of Vivaad Se Vishwas 2024 shall help decrease pendency before various courts resulting into the reduction in litigation costs for the taxpayer as well as Income Tax Department.”

Other Budget Announcements

Some other significant proposals are covered by Budget 2024:

Taxation Adjustments: New LTCG rate of 12.5% on property sales.
Support for Key Sectors: Targeted measures for pharmaceuticals, electronics and renewable energy.
Compliance Relief: Decriminalizing late payment of TDS if paid before the filing deadline.

Conclusion

In an attempt to offer a cost-effective and efficient resolution mechanism to direct tax disputes, Union Budget 2024 reintroduced the Vivaad se Vishwas Scheme. In that respect, this program promises to be a boon for both citizens and the government by reducing litigation and promoting compliance. The gesture of the above-mentioned as well as other proposed measures in taxation underlines the commitment of the authorities to making taxes more efficient, and responsive to taxpayers’ requirements.

For more information on Vivaad se Vishwas scheme click here.

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