Current context: Parliament has passed the Vivad Se Vishwas Bill, 2020 on 13th March 2020.
a. 5
b. 10
c. 15
d. 20
- 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:
- 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.
- It provisions an additional 10 % of the disputed amount in cases where the settlement is made by 30th June 2020.
- 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
