FM introduces 'Vivad Se Vishwas' Bill in LS to settle direct tax disputes

It will not apply to prosecution cases under PMLA or IPC

Finance minister Nirmala Sitharaman on Wednesday introduced a Bill in the Lok Sabha to give effect to the Budget announcement to resolve direct tax disputes involving an aggregate Rs 9.32 trillion as on November 30, 2019.

The Direct Tax Vivad se Vishwas Bill, 2020, offers waiver of interest, penalty and prosecution for settlement of these disputes. They will have to be pending before the commissioner (appeals), Income Tax Appellate Tribunals (ITATs), high courts or the Supreme Court as on January 31, 2020.

While a complete waiver of interest and penalty will be given in case of payment made by March