Direct Tax Vivad se Vishwas Bill, 2020- Key Highlights

• February 7, 2020
• CA Chandan Agarwal's Office

The Direct Tax Vivad se Vishwas Bill, 2020- Key Highlights

Modi Government 2.0 has presented its first full year budget on 01^st February 2020. In order to reduce litigation, the Budget proposes to introduce a new scheme ‘VIVAD SE VISHWAS’.  As per the scheme, the Taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty, provided the payment is made up till March 31, 2020. Further, if the scheme is availed after March 31,2020, an additional amount is required to be paid.

Key Highlights of Vivad se Vishwas Scheme

• Appeals pending before various appellate forums (i.e. CIT(A), ITAT, High Court & Supreme Court) as on January 31, 2020
• Payment schedules under the scheme with prescribed timeline is tabulated below:

Read more on: https://taxguru.in/income-tax/direct-tax-vivad-se-vishwas-bill-2020-key-highlights.html