NEW DELHI: The Direct Tax Vivaad se Vishwas Bill, 2020 will now cover pending litigation in debt recovery tribunals (DRTs) as well besides those in various courts and tribunals, the Union cabinet said while approving the change to the bill. “It has been decided to cover disputes pending in DRTs also,” Union minister Prakash Javadekar said after the Cabinet meeting. “Disputes of search and seizure where the recovery is below Rs 5 crore can be taken in this scheme,” he added. The Cabinet also approved a scheme to recapitalise three public sector general insurance companies — National Insurance Company, Oriental Insurance Company and United General Insurance Company — to raise the solvency ratio and bring it in line with sector regulatory norms. VIVAAD SE VISHWAS The amnesty scheme that was introduced in Lok Sabha earlier this month with the aim of reducing litigations related to direct taxes, at present, covers disputes pending at the level of commissioner (appeals), Income Tax Appellate Tribunals (ITAT), high courts, the Supreme Court and those in international arbitration. The minister hoped that people will take advantage of the scheme to settle the tax disputes before March 31, 2020 as 10% more will be charged for… Read full this story
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