Important Alert: Direct Tax Vivad Se Vishwas Scheme (VSV 2.0)

We would like to bring to your attention the introduction of the Direct Tax Vivad Se Vishwas Scheme, 2024 (VSV 2.0) under the Finance (No. 2) Act, 2024. This scheme provides an excellent opportunity to settle pending tax disputes as of 22nd July 2024 across various appellate forums, including disputes related to tax, interest, penalty, or fees under the Indian Tax Laws (ITL). 

Key Highlights of VSV 2.0:

1. Taxpayers can settle disputes by filing a declaration in the prescribed form with the Designated Authority (DA).
2. Upon submission, the DA will issue a certificate specifying the amount payable to settle the dispute within 15 days.
3. Taxpayers need to pay the specified amount within 15 days of receiving the certificate and intimate the DA about the payment.
4. Once the payment is made, the DA will pass an order confirming the conclusion of the dispute.
5. Taxpayers will enjoy a complete waiver of interest, penalty, and prosecution for disputes settled under this scheme.
6. Important Deadline: If you wish to settle disputes under this scheme with 100% tax payment, the application must be filed by 31st December 2024.

Why Consider This Scheme?

This scheme provides an opportunity to resolve disputes efficiently, with significant benefits in terms of waivers on interest, penalties, and prosecution. It is particularly beneficial for cases that lack full merit or are partially merit-based. For cases with strong merit, we recommend proceeding with litigation, but the final decision will rest with you.

 How We Can Assist You:

1. We will evaluate your pending cases to determine their eligibility and suitability for this scheme.
2. We will assist in preparing and filing the necessary applications to ensure compliance with the scheme’s requirements.
3. We will provide continuous guidance to help you avail of the benefits of this scheme effectively.

Action Required:

We request you to review your pending tax disputes and inform us if you would like us to assess their eligibility under this scheme. Our team is ready to assist you in filing the application and ensuring you make the most of this opportunity.

Please feel free to reach out to us for further clarification or to initiate the process.