Recently Vivad se Vishwas Bill 2020 has been in the news It is concerned with ........

Economic and Social Issues Budgeting and Fiscal policy

Recently, Vivad se Vishwas Bill, 2020 has been in the news. It is concerned with

The bill allows farmers to be compensated for spurious pesticides sold to them and will also have provision for penalising erring parties.

The bill outlines a timeframe of grievance redressal in case of poor delivery of government services to the people.

The bill aims at reducing vexatious litigations in a speedy manner that are related to the direct taxes payments.

None of the above

Direct Tax Vivad se Vishwas Bill, 2020
Objectives of the Bill

It aims at reducing vexatious litigations in a speedy manner that are related to the direct taxes payments.
It was proposed to cover tax disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts and the Supreme Court.
As per several reports, over Rs 9 lakh crore worth of direct tax disputes are pending in the courts.
The government aims to recover a big share of the amount in a swift and simple way.
It also aims to bridge the gap with regard to shortfall in revenues, especially tax revenues.

Proposals in the Bill

A taxpayer would be required to pay only the amount of the disputed taxes.
(S)he will get complete waiver of interest and penalty provided (S)he pays by 31st March, 2020.
Those who avail this scheme after 31st March, 2020 will have to pay some additional amount.
The scheme will remain open till 30th June, 2020.
Taxpayers in whose cases appeals are pending at any level can benefit from this scheme.