By TIOL News Service

NEW DELHI, FEB 05, 2020: THE Govt today tabled the Direct Tax Vivad Se Vishwas Bill 2020 in the Lok Sabha. As announced by the Union Finance Minister on the Budget Day, if the disputed tax is paid prior to March 31, 2020, full waiver of interest and penalty granted. If the same is paid post March 31, 10% more of the disputed demand is to be paid.

If the arrear is related to interest or penalty or fee, the proposal is to collect only 25% of the sum disputed. If the same is settled post March 31, the amount to be paid would be 30% of the disputed amount.

The Bill also makes it clear that this scheme will not be available to certain cases such as -

(i) relating to an assessment year in respect of which an been made under section 153A or section 153C of the Income-tax Act, if it relates to any tax arrear;

(ii) relating to an assessment year in respect of which prosecution has been instituted on or before the date of filing of declaration;

(iii) relating to any undisclosed income from a source located outside India or undisclosed asset located outside India;

(iv) relating to an assessment or reassessment made on the basis of information received under an agreement referred to in section 90 or section 90A of the Income-tax Act, if it relates to any tax arrear;

(v) relating to an appeal before the Commissioner (Appeals) in respect of which notice of enhancement under section 251 of the Income-tax Act has been issued on or before the specified date;

(b) to any person in respect of whom an order of detention has been made under the provisions of the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974 on or before the filing of declaration: