New Delhi: Finance Minister Nirmala Sitharaman in a bid to resolve a staggering number of pending direct tax cases, will introduce a bill named ‘The Direct Tax Vivad Se Vishwas Bill, 2020’ in the Lok Sabha around 12 noon after the Question Hour.
This comes after four days of Budget session, where the minister had announced, “Vivad se Vishwas” scheme with an aim to solve all the 483,000 direct tax disputes.
“This year, I propose to bring a scheme similar to the indirect tax, Sabka Vishwas, for reducing litigation even in direct taxes,” Sitharaman said in her budget speech.
“Under the proposed “Vivad Se Vishwas” scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by March 31, 2020,” she said.
