: Parliament approves Vivad Se Vishwas Bill #FinanceIndia #StockMarketNEWS #Business PTI New Delhi Parliament on Friday approved a  Bill that will provide an opportunity to taxpayers to settle

@StockMarketNEWS Sun 15 Mar, 2020

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Parliament approves Vivad Se Vishwas Bill #FinanceIndia #StockMarketNEWS #Business
PTI



New Delhi



Parliament on Friday approved a  Bill that will provide an opportunity to
taxpayers to settle their tax disputes by paying just due taxes with complete
waiver of interest and penalty by March 31.



The Direct Tax Vivad Se Vishwas Bill was passed by voice
vote and returned by Rajya Sabha as it was a money bill. It was approved by Lok
Sabha on March 4.



The Finance Minister pointed out that some members had
raised issues on the bill and asked how can the Central Board of Direct Taxes
issue a circular on the scheme before passage of the bill in Parliament.



“There is no breach of privilege,â€? she said.



The minister also told the House the end of the scheme
date would be notified by the government and there is no confusion over that.



She told the House that the scheme is to give an option
to tax payers for settling disputes.



The government would send a circular to states in all
languages for providing detailed information about the bill.



The Direct Tax Vivad Se Vishwas Bill, 2020, which was
introduced by the Finance Minister in Lok Sabha on March 2.



As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh
crore are locked up in various appellate forums such as Commissioner (Appeals),
ITAT, High Courts, Supreme Court and Debt Recovery Tribunals.



Under the proposed scheme, taxpayers willing to settle
disputes shall be allowed a complete waiver of interest and penalty if they pay
the entire amount of tax in dispute by March 31 this year, following which a 10
per cent additional disputed tax shall have to be paid over and above the tax
liability. The scheme would remain open till June 30, 2020.
The post Parliament approves Vivad Se Vishwas Bill appeared first on The Navhind Times.

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