VIVAD SE VISHWAS BILL, 2020 – A LEGISTATION TO WIN TRUST & REDUCE LITIGATION

Tax litigation process in India is time-consuming and cumbrous. Resultantly, a plethora of cases are pending before various appellate forums and a humongous amount is locked up in appeals. As on 30th November, 2019, the amount of disputed direct tax arrears was INR 9.32 lakh crores, which is equivalent to nearly one year worth of direct tax collections! Considering the profuse amount of time and resources tax disputes consume, a dispute litigation scheme was the need of the hour for both the taxpayers and the government.

The Direct Tax Vivad se Vishwas Bill 2020 has been introduced in the Lok Sabha, which provides a lucrative option to the taxpayers to settle their cases pending before the Commissioner (Appeals), Income Tax Appellate Tribunal, High Court or Supreme Court as on 31st January 2020 irrespective of whether demand in such cases is pending or has been paid. The pending appeal may be against disputed tax, interest or penalty in relation to an assessment or reassessment order or against disputed interest/ fee where there is no disputed tax. In fact, appeal may even be against tax determined on defaults in respect of tax deducted/collected at source.

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VIVAD SE VISHWAS BILL, 2020 - A LEGISTATION TO WIN TRUST & REDUCE LITIGATIONNEWSFLASH_ VIVAD SE VISHWAS BILL, 2020 _A LEGISTATION TO WIN TRUST & REDUCE LITIGATION