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Parliament passes Vivad Se Vishwas Bill, 2020
The Parliament on Friday passed the Vivad Se Vishwas Bill, 2020, for settlement of Direct Tax disputes.
Parliament passes Vivad Se Vishwas Bill, 2020
The Parliament on Friday passed the Vivad Se Vishwas Bill, 2020, for settlement of Direct Tax disputes. The bill provides an opportunity for taxpayers to settle their tax disputes by paying just due taxes with a complete waiver of interest and penalty by March 31, 2020.
The Rajya Sabha passed the Direct Tax Vivad Se Vishwas Bill by voice vote and returned as a money bill. The bill introduced by the finance minister on March 2, 2020, was approved by the Lok Sabha on March 4, 2020.
About the Bill
- * The bill seeks to provide a waiver on interest, penalty and prosecution for settlement of Direct Tax disputes.
- * It grants a complete waiver on interest and penalty when the disputed amount is paid before March 31, 2020, and provisions an additional 10 per cent of the disputed amount in cases where the settlement is made by June 30, 2020.
- The scheme would remain open till June 30, 2020.
Tax-related Disputes In India
Tax-related disputes amounting to over Rs 9 lakh crore is pending against over 4 lakh litigations in various appellate forums in the country.
Replying to the discussion, Finance Minister Nirmala Sitharam said, all steps will be taken by the government to reduce the tax litigation on a priority basis. She assured that the discretion of tax authorities will be reduced by faceless assessment driven by technology.
Ms Sitharaman assured that the provisions of this bill provide absolute immunity for prosecutions under the Income Tax Act to the appellant once the dispute is resolved. She, however, clarified that it only governs disputes related to Direct Tax and not litigations related to wealth tax. Addressing the query of a parliamentarian, the minister said, cases above Rs 5 crore are excluded under the ambit of this bill to avoid alleged tax evaders take undue benefit of these provisions.
Earlier, moving the Bill, Finance Minister, Nirmala Sitharaman said, this bill has been brought up to settle the tax dispute efficiently.
