The Direct Tax Vivad Se Vishwas bill introduced in Lok Sabha by the Finance Minister
The Finance Minister Nirmala Sitaraman proposed the scheme Vivad Se Vishwas Scheme in the Union Budget 2020. In order to implement the scheme, the minister introduced a bill in Lok Sabha on February 5, 2020. The main objective of the scheme is to
Highlights
The scheme aims to settle the pending cases on direct taxes. The scheme is very similar to the “Indirect Tax, Sabka Vishwas Scheme” introduced by the minister in her previous budget in 2019. The Sabka Vishwas scheme aimed to settle down the disputes related to service tax and excise duty payments
Key Features
The Vivad Se Vishwas Scheme aims to resolve 483,000 direct tax disputes. The scheme provides waivers on interest if the disputed tax was paid before 31st March, 2020. The scheme also increases the dead line to June 30, 2020 for those tax payers who have not paid their taxes by March 31, 2020. However, such taxpayers will have to pay 10% more tax.
Related Posts
Month: Current Affairs - February, 2020