PANEL DISCUSSION ON THE DIRECT TAX VIVAD SE VISHWAS ACT, 2020

The Union Government, to fulfil its promise of reducing litigation under Direct tax laws, has introduced a new scheme by enacting The Direct Tax Vivad Se Vishwas Act, 2020. The scheme intends to put an end to the appeals pending under the Income-tax Act, 1961, at various appellate forums by making payment of the tax amount without interest and penalty, if the same is paid upto 31.03.2020 or by making payment of the tax amount plus 10% of such amount if payment is made after 31.03.2020.

The Scheme as originally proposed, contained various lacunas and as a result of various representations made, the Bill has been amended substantially. Whether such amendments answer all the issues is something which the time will say!

The purpose of the scheme is much laudable, and therefore, it would be pertinent to understand the nitty-gritties involved especially since time available to the assessees, would be less if they want to avail the benefit of the first trench of the Scheme by paying upto 31.03.2020.

The Chamber of Tax Consultants has organised a Panel discussion for the benefit of the public at large on this important topic.

All are cordially invited