Vivad se Viswas Bill
Part of: GS Prelims and GS-II- Governance
- 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.