CURRENT AFFAIRS

Detailed explanation-1: -UPDATE: The Income Tax Department introduced the “Direct Tax Vivad Se Vishwas Rules, 2020” and “Direct Tax Vivad Se Vishwas Act, 2020” in March after the Union Budget announcements. Now, you can file declaration and undertaking under the scheme to avail the benefit.

Detailed explanation-2: -The Vivad se Vishwas Scheme was introduced in the Union Budget 2020 to end all pending income tax litigations.

Detailed explanation-3: -The Direct Tax Vivad se Vishwas Act, 2020 introduced a dispute resolution scheme, which was applicable to all appeals/petitions filed by the taxpayers or the income tax department, which were pending until 31 January 2020, before any appellate forum.

Detailed explanation-4: -Vivad se Vishwas Scheme was launched by the Union Finance Minister in the Union Budget 2020. The VSV Scheme was released to decrease unsettled income tax court cases, generate punctual compensations for the Government, and profit for those who pay taxes.

Detailed explanation-5: -6. Subject to the provisions of section 5, the designated authority shall not institute any proceeding in respect of an offence; or impose or levy any penalty; or charge any interest under the Income-tax Act in respect of tax arrear. 7.