Income Tax: Government has brought this scheme for taxpayers, know from which date it is starting

The government will launch the Direct Tax Dispute Resolution Scheme ‘Vivad se Vishwas 2.0’ from October 1. The ‘Vivad se Vishwas’ Scheme 2.0 was originally announced in the Budget 2024-25 presented in July to resolve certain pending income tax disputes. The Finance Ministry said in the notification, “The Central Government fixes October 1, 2024 as the date for implementation of the Direct Tax Vivad se Vishwas Scheme 2024.

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Disputes continue in various legal forums over 2.7 crore direct tax demands amounting to about Rs 35 lakh crore. Finance Minister Nirmala Sitharaman had said in her budget speech that the government will continue its efforts to simplify taxes, improve taxpayer services, provide tax certainty and reduce litigation while increasing revenue.

The government had introduced the first phase of the ‘Vivaad se Vishwas’ scheme for cases under direct taxes in 2020. About one lakh taxpayers took advantage of this scheme and the government got a tax of about Rs 75,000 crore.

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