The Lok Sabha on March 4, 2020 passes the Direct Tax Vivad se Vishwas Bill.
Objective
The bill seeks to expedite resolution of pending direct tax disputes.
The Bill states that 4.83 lakh tax disputes are pending in various appellate fora such as Commissioner (Appeals), Income Tax Appellate Tribunal, the High Courts and the Supreme Court and as much as ₹9.5 lakh crore is locked in these disputes.
Under the proposed scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty if the amount is paid by March 31.
