The Lok Sabha has consented to the Direct Tax Vivad Se Vishwas Bill, 2020 for dispute resolution.

The Direct Tax Vivad Se Vishwas Bill, 2020 seeks to provide taxpayers a lucrative opportunity to settle direct tax disputes within the current financial year by waiving interest and penalties on their pending taxes.

The Bill was introduced in the Budget 2020 with a view to dispose of the pending litigation cases pertaining to Direct Taxes before the CIT(A), ITAT, High Court and Supreme Court.

The Direct Tax Vivad Se Vishwas Bill was First proposed in Union Budget 2020, the Bill was approved by the Union Cabinet on February 12.

Copy of the bill enclosed.