Vivad se Viswas Bill

  • IASbaba
  • March 14, 2020
  • 0
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Vivad se Viswas Bill

Part of: GS Prelims and GS-II- Governance

In News:

  • The Parliament has given its nod to Direct Tax Vivad se Vishwas Bill, 2020.
  • The Bill intends to provide a one-time opportunity to end disputes related to personal income tax and corporate tax.
  • Under this scheme, taxpayers whose tax demands are locked in dispute in multiple forums, can pay due taxes by March 31, 2020, and get a complete waiver of interest and penalty.
  • For payments made after March 31 and till June 30, a 10% penalty would be charged.
  • However, cases above ₹5 crore have been excluded — large evasion-related and fraud cases — and they cannot take advantage of this scheme.
  • The scheme aims to resolve 483,000 direct tax-related disputes pending in various appellate forums.
  • As on the November 30, 2019, the disputed direct tax arrears amount to ₹9.32-lakh crore. 

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