Vivad Se Vishwas bill tabled in Lok Sabha

The Direct Tax Vivad Se Vishwas Bill, 2020 tabled in the Lok Sabha. The bill aims to resolve disputes related to direct tax payments and to settle the huge number of pending direct tax cases.
The Vivad se Vishwas scheme was announced by Union Finance Minister Nirmala Sitharaman during her budget speech on February 1, 2020.
The scheme offers a complete waiver on interest and penalty to the taxpayers who pay their pending taxes by March 31 and benefit those whose tax demands are locked in dispute in multiple forums.
If a taxpayer is not able to pay direct taxes by March 31st then, he will get further time till June 30th. However, in that case, he would have to pay 10 percent more on the tax.
In case it is just the interest and the penalty which is being disputed, the taxpayer will have to pay 25 % of the disputed amount till March 31, after which, it will be 30 %.