Lok Sabha passes Direct Tax Vivaad Se Vishwas Bill 2020
The Direct Tax Vivaad Se Vishwas Bill 2020 has been recently passed by the Lok Sabha. The bill was introduced in Lok Sabha by the Finance Minister Nirmala Sitharaman, on February 5, 2020.
The Bill provides a mechanism for resolution of pending tax disputes in direct tax including income tax and corporation tax. It seeks that taxpayers can settle disputes by paying their due taxes with waiver of interest and penalty by March 31, 2020.