homeeconomy NewsGovernment tables Vivad Se Vishwas bill in Lok Sabha to settle direct tax related disputes
Government tables Vivad Se Vishwas bill in Lok Sabha to settle direct tax related disputes
The scheme which was announced by the FM in her budget speech, aims to reduce direct tax litigations and offer taxpayers options to settle direct tax disputes out of legal forums.
Finance Minister Nirmala Sitharaman introduced the direct tax ‘Vivad Se Vishwas’ bill in the Lok Sabha on Wednesday. The scheme which was announced by the FM in her budget speech, aims to reduce direct tax litigations and offer taxpayers options to settle direct tax disputes out of legal forums.
There are two sets of settlements which have been proposed. First, for dispute tax amounts, a party can seek settlement by paying up only the dispute tax amount and this can be done till March 31, 2020. However, in case a party wants to settle a demand after March 31, 2020, then they will have to pay 10 percent extra.
The second settlement that has been proposed is regarding penalty interest and fees. If there is a dispute regarding penalty interest and fees, then one can pay up to 25 percent of the disputed penalty or the interest amount till March 31, 2020. In case they want to pay after March 31, 2020, then they will have to pay 30 percent more.
However, these proposed settlements will not be applicable in certain cases. It will not be applicable to cases arising out of undisclosed income arising from source outside India or if the assessment was made under Section 153A or 153C of the Income Tax Act, or if prosecution was initiated before filing of declaration by the declarant, or if the assessment was made based on information received under an agreement referred in Section 90 or 90A of the Income Tax Act.
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