{"id":6848,"date":"2023-08-04T22:47:18","date_gmt":"2023-08-04T17:17:18","guid":{"rendered":"https:\/\/edunovations.com\/currentaffairs\/?p=6848"},"modified":"2023-08-04T22:47:21","modified_gmt":"2023-08-04T17:17:21","slug":"vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes","status":"publish","type":"post","link":"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/","title":{"rendered":"Vivad se Vishwas 2.0 Scheme: Resolving Tax Disputes Made Easy"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Government_Launches_Vivad_se_Vishwas_20_Scheme_for_Dispute_Settlement\" >Government Launches Vivad se Vishwas 2.0 Scheme for Dispute Settlement<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Why_this_News_is_Important\" >Why this News is Important<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Historical_Context\" >Historical Context<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Key_Takeaways_from_%E2%80%9CVivad_se_Vishwas_20_Scheme%E2%80%9D\" >Key Takeaways from &#8220;Vivad se Vishwas 2.0 Scheme&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Important_FAQs_for_Students_from_this_News\" >Important FAQs for Students from this News<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#What_is_the_Vivad_se_Vishwas_20_scheme\" >What is the Vivad se Vishwas 2.0 scheme?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#What_types_of_disputes_are_covered_under_Vivad_se_Vishwas_20\" >What types of disputes are covered under Vivad se Vishwas 2.0?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#What_are_the_benefits_of_opting_for_Vivad_se_Vishwas_20\" >What are the benefits of opting for Vivad se Vishwas 2.0?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Does_Vivad_se_Vishwas_20_cover_disputes_related_to_wealth_tax\" >Does Vivad se Vishwas 2.0 cover disputes related to wealth tax?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Can_taxpayers_withdraw_their_appeals_once_they_opt_for_the_scheme\" >Can taxpayers withdraw their appeals once they opt for the scheme?<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/edunovations.com\/currentaffairs\/scheme_and_committees\/vivad-se-vishwas-2-0-scheme-discover-the-benefits-and-impact-of-the-vivad-se-vishwas-2-0-scheme-launched-by-the-indian-government-to-settle-direct-tax-disputes\/#Some_Important_Current_Affairs_Links\" >Some Important Current Affairs Links<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Government_Launches_Vivad_se_Vishwas_20_Scheme_for_Dispute_Settlement\"><\/span><strong>Government Launches Vivad se Vishwas 2.0 Scheme for Dispute Settlement<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Indian government recently launched the Vivad se Vishwas 2.0 scheme as an extension of the original Vivad se Vishwas scheme, aimed at providing taxpayers with a platform to resolve their tax disputes. This new scheme comes as a relief for individuals and businesses facing litigation related to direct taxes, offering them an opportunity to settle their disputes and avail substantial benefits. In this article, we will delve into the details of the Vivad se Vishwas 2.0 scheme, its benefits, and its potential impact on taxpayers preparing for various government exams.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\" id=\"&quot;Vivad-se-Vishwas-2.0-scheme&quot;\"><img decoding=\"async\" width=\"670\" height=\"352\" src=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/08\/Vivad-se-Vishwas-2.0-scheme3.jpg\" alt=\"&quot;Vivad se Vishwas 2.0 scheme&quot;\n\" class=\"wp-image-6850\" title=\"&quot;Vivad se Vishwas 2.0 scheme&quot;\" srcset=\"https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/08\/Vivad-se-Vishwas-2.0-scheme3.jpg 670w, https:\/\/edunovations.com\/currentaffairs\/wp-content\/uploads\/2023\/08\/Vivad-se-Vishwas-2.0-scheme3-300x158.jpg 300w\" sizes=\"(max-width: 670px) 100vw, 670px\" \/><figcaption class=\"wp-element-caption\">&#8220;Vivad se Vishwas 2.0 scheme&#8221;<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Why_this_News_is_Important\"><\/span>Why this News is Important<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>Impact on Taxpayers:<\/strong> Vivad se Vishwas 2.0 offers a golden opportunity for taxpayers, including aspirants preparing for government exams, to resolve their tax disputes in a hassle-free manner. By opting for this scheme, taxpayers can save substantial amounts on penalties and interest, thereby reducing their financial burden.<\/p>\n\n\n\n<p><strong>Boost to Economy:<\/strong> The scheme is expected to provide a significant boost to the Indian economy by unlocking stuck funds and reducing the burden on the judiciary due to pending tax litigations.<\/p>\n\n\n\n<p><strong>Reduction in Litigation:<\/strong> With the launch of Vivad se Vishwas 2.0, the government aims to reduce the number of pending tax disputes significantly, promoting a taxpayer-friendly environment and fostering compliance.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Historical_Context\"><\/span>Historical Context<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>The Vivad se Vishwas 2.0 scheme is an extension of the original Vivad se Vishwas scheme, which was introduced in March 2020. The first scheme aimed to provide relief to taxpayers by allowing them to settle their disputed tax cases without the burden of interest and penalty. Due to its success in resolving a significant number of disputes, the government decided to introduce the second version of the scheme to further ease the burden on taxpayers and the judiciary.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Key_Takeaways_from_%E2%80%9CVivad_se_Vishwas_20_Scheme%E2%80%9D\"><\/span>Key Takeaways from &#8220;Vivad se Vishwas 2.0 Scheme&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table\"><table><thead><tr><th>Serial Number<\/th><th>Key Takeaway<\/th><\/tr><\/thead><tbody><tr><td>1.<\/td><td>Vivad se Vishwas 2.0 is an extension of the original scheme aimed at settling tax disputes.<\/td><\/tr><tr><td>2.<\/td><td>The scheme covers direct tax disputes pending before various appellate forums.<\/td><\/tr><tr><td>3.<\/td><td>Taxpayers can avail benefits by settling disputed tax amounts along with reduced penalties and interest.<\/td><\/tr><tr><td>4.<\/td><td>The scheme provides taxpayers with an extended deadline to apply for settlement.<\/td><\/tr><tr><td>5.<\/td><td>Taxpayers opting for the scheme will get a full discharge of their tax liability and need to withdraw any pending appeals.<\/td><\/tr><\/tbody><\/table><figcaption class=\"wp-element-caption\">&#8220;Vivad se Vishwas 2.0 scheme&#8221;<\/figcaption><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Important_FAQs_for_Students_from_this_News\"><\/span>Important FAQs for Students from this News<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_the_Vivad_se_Vishwas_20_scheme\"><\/span><strong>What is the Vivad se Vishwas 2.0 scheme?<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The Vivad se Vishwas 2.0 scheme is an extension of the original Vivad se Vishwas scheme launched by the Indian government to provide taxpayers with an opportunity to resolve their tax disputes related to direct taxes.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_types_of_disputes_are_covered_under_Vivad_se_Vishwas_20\"><\/span><strong>What types of disputes are covered under Vivad se Vishwas 2.0?<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The scheme covers disputes related to direct taxes, including income tax and corporate tax, that are pending before various appellate forums such as the Income Tax Appellate Tribunal (ITAT), Commissioner of Income Tax (Appeals), High Courts, and the Supreme Court.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_are_the_benefits_of_opting_for_Vivad_se_Vishwas_20\"><\/span><strong>What are the benefits of opting for Vivad se Vishwas 2.0?<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Taxpayers opting for Vivad se Vishwas 2.0 can avail an extended deadline to apply for settlement, a complete waiver of penalty and interest on the disputed tax amount, and a full discharge of their tax liability upon successful settlement.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Does_Vivad_se_Vishwas_20_cover_disputes_related_to_wealth_tax\"><\/span><strong>Does Vivad se Vishwas 2.0 cover disputes related to wealth tax?<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>No, the scheme does not cover any disputes related to the erstwhile wealth tax.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Can_taxpayers_withdraw_their_appeals_once_they_opt_for_the_scheme\"><\/span><strong>Can taxpayers withdraw their appeals once they opt for the scheme?<\/strong> <span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Yes, taxpayers choosing to settle under Vivad se Vishwas 2.0 will have to withdraw any pending appeals or writs related to the tax dispute.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Some_Important_Current_Affairs_Links\"><\/span>Some Important Current Affairs Links<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button is-style-outline is-style-outline--1\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/national\/\" target=\"_blank\" rel=\"noreferrer noopener\">State Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--2\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/sports\/\" target=\"_blank\" rel=\"noreferrer noopener\">Sports Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button is-style-outline is-style-outline--3\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/international\/\" target=\"_blank\" rel=\"noreferrer noopener\">International Current Affairs<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex wp-block-buttons-is-layout-flex\">\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/banking\/\" target=\"_blank\" rel=\"noreferrer noopener\">Banking Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/railway\/\" target=\"_blank\" rel=\"noreferrer noopener\">Railways Current Affairs<\/a><\/div>\n\n\n\n<div class=\"wp-block-button\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/edunovations.com\/currentaffairs\/category\/defence\/\" target=\"_blank\" rel=\"noreferrer noopener\">Defence Current Affairs<\/a><\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-buttons is-layout-flex 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Company<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Government Launches Vivad se Vishwas 2.0 Scheme for Dispute Settlement The Indian government recently launched the Vivad se Vishwas 2.0 scheme as an extension of the original Vivad se Vishwas scheme, aimed at providing taxpayers with a platform to resolve their tax disputes. This new scheme comes as a relief for individuals and businesses facing&#8230;<\/p>\n","protected":false},"author":6,"featured_media":6851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[159,144],"tags":[4528,4530,4531,4532,4529],"class_list":["post-6848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-scheme_and_committees","category-economy_finance","tag-direct-taxes","tag-financial-relief","tag-indian-government-schemes","tag-tax-dispute-resolution","tag-taxpayer-benefits"],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/6848","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/comments?post=6848"}],"version-history":[{"count":0,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/posts\/6848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media\/6851"}],"wp:attachment":[{"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/media?parent=6848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/categories?post=6848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/edunovations.com\/currentaffairs\/wp-json\/wp\/v2\/tags?post=6848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}