Lok Sabha passes direct tax scheme Vivad se Vishwas Bill

New Delhi: In a move that will help the government mop up revenue before the financial year 2019-20 closes, Lok Sabha on Wednesday passed direct tax amnesty scheme Vivad se Vishwas bill.

With mounting tax disputes, the government has had in Union budget come up with No Dispute but Trust Scheme (Vivad Se Vishwas Scheme) to settle the direct tax disputes.

The Revenue department has said that there are 4,83,000 direct tax cases pending in various appellate forums such as Commissioner (Appeals), ITAT, High Court and Supreme Court. As much as Rs 9.5 lakh crore is locked in disputes. Under the proposed amnesty scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get a complete waiver of interest and penalty provided he pays the amount by March 31, 2020. (IANS)

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