The Direct Tax Vivad Se Vishwas Bill, 2020 is expected to be tabled in Lok Sabha today. The bill aims at reducing litigations in the direct taxes payments. Under the ‘Vivad se Vishwas’ scheme announced in the Union Budget, taxpayers whose tax demands are locked in dispute in multiple forums can pay due taxes by 31st of March and get complete waiver of interest and penalty.
Under the scheme, if a taxpayer is not able to pay within the 31st March deadline, he gets a further time till 30th June, but in that case he would have to pay 10 percent more on the tax.
The Rajya Sabha will resume the discussion on the Motion of Thanks on President Ram Nath Kovind’s address to joint sitting of both houses of Parliament.