The Direct Tax Vivad Se Vishwas Act, 2020: Is Tax Recovery an Alternative for Tax Policy Reforms?

On 5th February 2020 the Finance Minister introduced “The Direct Tax Vivad se Vishwas Bill, 2020” in the Lok Sabha. The primary objective of this Bill was to provide a solution for income tax disputes which are pending. Thereafter, some official amendments were proposed by the key stakeholders. After the amended Bill was passed by the Lok Sabha and the Rajya Sabha, it finally received the President’s assent on 17th March 2020 and thus the Direct Tax Vivad se Vishwas Act, 2020 came into being. (more…)