Lawstreet Journal

"Vivad Se Vishwas" Bill For Settling Direct Tax Disputes Introduced In Lok Sabha

Lawstreet Journal 11 Feb 2020 10:32pm

Image courtesy: Lawstreet Journal Legislative Corner "Vivad Se Vishwas" Bill For Settling Direct Tax Disputes Introduced In Lok Sabha

In order to resolve the disputes relating to direct taxes, the Finance Minister Nirmala Sitharaman introduced a Bill in the Lok Sabha on the 5th of February, 2020 (Wednesday) to further impose an effect on her 1st February's Budget announcement. As seen on November 30th, 2019, the aggregate of the direct taxes has been Rs. 9.32 trillion. The  Direct Tax "Vivad Se Vishwas" Bill of 2020 offers a waiver of interest, penalty and prosecution for settlement of the disputes. The disputes have to be pending before the Commissioner (appeals) in the Income Tax Appellate Tribunal (ITAT), High Courts, Supreme Court's as dated January 31st, 2020. A complete waiver of interest and penalty will only be given in cases of payment made by March 31st, 2020 further to which an additional 10% disputed amount will have to be paid. 

The Bill states that the amount of time, energy and resources required by the tax disputes is huge. And this further leads to the government's deprivation in the revenue collection. The taxpayers as well as the government will be benefited out of the scheme. It will be noted that a pending appeal might be against a disputed tax, interest or a penalty in relation the orders that will be assessed or reassessed. The appeal can also be against the determination of taxes on the defaults relating to the deduction of taxes or collection. It also states that 25% of the disputes penalty or interest needs to be paid pertaining to cases of disputed interests during… Continue Reading...


Tagged: lok sabha   Vivad Se Vishwas  
Disclaimer: SoOLEGAL in Media collaboration with Lawstreet Journal. SoOLEGAL take no responsbility for the content provided by Lawstreet Journal. For any discrepancies Contact Lawstreet Journal.
Did you find this write up useful? YES 0 NO 0
×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.
×

SAARTHTo Know More

Launching Soon : SAARTH, your complete client, case, practise & document management SAAS application with direct client chat feature.

If you want to know more give us a Call at :+91 98109 29455 or Mail info@soolegal.com