Budget 2020: dispute resolution scheme for direct taxes
The Union Finance Minister Nirmala Sitharaman announced a dispute resolution scheme for direct taxes in the recent Union Budget 2020-21.
Under the proposed scheme, the taxpayers whose tax demands are locked in any dispute in any of the forums can pay their due taxes by March 31, 2020. By paying it before the deadline, the taxpayer can get complete waiver of interest and penalty. With an additional 10 per cent, he can pay up to June 30. The Finance Minister recently introduced the ‘Vivad se Vishwas’ bill in the parliament. Last year, a scheme for dispute resolution for indirect taxes called ‘Sabka Vishwas’ was launched.