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Direct Tax Vivad Se Vishwas Bill 2020
Why is it in the news?
- The Union Finance Minister introduced the Direct Tax Vivad Se Vishwas Bill, 2020, in Lok Sabha.
- The Bill aims to provide for resolution of disputed tax cases involving Rs 9.32 lakh crore.
More in the news
- The bill seeks to provide a formula-based solution without any discrimination.
- Under the scheme, taxpayers whose liabilities are caught in dispute can pay their taxes by March 31, 2020 and avail themselves of a complete waiver of interest and penalty.
- The Direct Tax Vivad Se Vishwas Bill will be emphasises on trust building.
- The scheme will not be an open ended scheme and can be availed for a limited time.
- Rationale: It will reduce the litigation expenditure for the government and at the same may help in generating some revenue.
Source
The Hindu.