CURRENT AFFAIRS

Detailed explanation-1: -By India Today Web Desk: The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on February 5, 2020. The Bill provides a mechanism for resolution of pending tax disputes related to income tax and corporation tax.

Detailed explanation-2: -“No Dispute but Trust Scheme” or “Vivad se Vishwas Scheme” was announced by FM Nirmala Sitharaman in Union Budget 2020 to reduce the number of ongoing legal disputes in the domain of direct taxation.

Detailed explanation-3: -India Code: Direct Tax Vivad se Vishwas Act, 2020. Long Title: An Act to provide for resolution of disputed tax and for matters connected therewith or incidental thereto.

Detailed explanation-4: -Known as The Direct Tax ‘Vivad se Vishwas Bill, 2020’ for dispute resolution to direct taxes, it proposes the idea of levying less or discounted payment from a taxpayer, if he/she settles all disputes before the end of this particular financial year, i.e. FY 2019-20, under this scheme.

Detailed explanation-5: -The Vivad Se Vishwas scheme was announced under Union Budget 2020 to reduce ongoing legal disputes under direct taxation.