Lok Sabha approves Vivad se Vishwas Bill

Lok Sabha has passed the Vivad se Vishwas Bill, which aims to settle pending direct tax disputes in the country. The bill was passed with certain amendments before the Lower House was adjourned amid clamour over Delhi violence. The Direct Tax Vivad Se Vishwas Bill, 2020, was tabled before Parliament on March 2.

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 It seeks to provide taxpayers a lucrative opportunity to settle direct tax disputes within the current financial year by waiving interest and penalty on their pending taxes. Under the Vivad se Vishwas scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31, 2020.