Hon'ble President of India has given assent to The Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020) to provide an opportunity to the taxpayers to settle their tax disputes by paying the disputed tax with complete waiver of interest and penalty. The Government has notified the Direct Tax Vivad se Vishwas Act, 2020 on 17.03.2020.
Earlier, Rajya Sabha has passed The Direct Tax Vivad Se Vishwas Bill, 2020 on 13.03.2020. Lok Sabha has already approved the Bill on 04.03.2020.
On 17.03.2020, The Direct Tax Vivad se Vishwas Act, 2020 has received the assent of the Hon'ble President of India after which the bill was notified as The Direct Tax Vivad se Vishwas Act, 2020 (3 of 2020).
It is expected that CBDT will notify the Rules for the purpose of prescribing forms, procedure, etc in a day or two to implement the provisions of the Act.
Suggested Readings:
Read the Notified Direct Tax Vivad se Vishwas Act, 2020.
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