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Current Affairs

Vivad Se Vishwas Bill

Current context: Parliament has passed the Vivad Se Vishwas Bill, 2020 on 13th March 2020.
Vivad Se Vishwas Bill 
  • The Vivad Se Vishwas Bill, 2020 offers a waiver of interest, penalty and prosecution for settlement of Direct Tax disputes.
  • The bill was introduced in Lok Sabha by the Minister of Finance, Ms Nirmala Sitharaman, on 5th February 2020.
  • As on 30th November 2019, the aggregate amount of taxes under dispute is Rs. 9.32 lakh crore.
  • The Bill proposes to settle 4.83 lakh direct tax cases pending at various appellate forums.
  • This Bill was passed by the Lok Sabha last week and returned by the Rajya Sabha on 14th March 2020.
  • The bill will now have to be approved by the President before it becomes an Act.
  • Some of the important provisions of the Bill are:
    1. The scheme provides an opportunity for taxpayers to settle disputes by paying due taxes with the complete waiver of interest and penalty till 31st March 2020.
    2. It provisions an additional 10 % of the disputed amount in cases where the settlement is made by 30th June 2020.
    3. Appeals pending before the appellate forum [Commissioner (Appeals), Income Tax Appellate Tribunal (ITAT), High Court or Supreme Court], and writ petitions pending before High Court or Supreme Court or special leave petitions pending before SC as on the 31st January 2020 are covered under the scheme.

Question: 

Q.1 The Vivad Se Vishwas Bill, 2020 offers an additional _____ % of the disputed amount in cases where the settlement is made by 30th June 2020?
a. 5
b. 10
c. 15
d. 20
Vivad Se Vishwas Bill Vivad Se Vishwas Bill Reviewed by Neha Verma on March 15, 2020 Rating: 5

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