The Government on Monday introduced and started debate on the Direct Tax Vivad se Vishwas Bill, enabling one time settlement in the decades’ long appeals in the Income Tax disputes, amid a din on the issue of Delhi riots.
Introducing the bill, Finance Minister Nirmala Sitharaman said direct tax dispute resolution scheme announced in Budget will be of great help to people as they will be able to save time and money spent in fighting cases.
As many as 4.83 lakh direct tax cases worth Rs 9.32 lakh crore are locked up in various appellate forums such as Commissioner (Appeals), ITAT, High Courts, Supreme Court and Debt Recovery Tribunals. “The scheme will give settlement option to all those with disputed tax. This will be of great help because people spent a lot of time and money in settling cases,” Sitharaman said while moving the Bill, while Opposition MPs were in the Well demanding reply and resignation of Home Minister Amit Shah in the wake of Delhi riots.
Under the proposed scheme, taxpayers willing to settle disputes shall be allowed a complete waiver of interest and penalty if they pay the entire amount of tax in dispute by March 31 this year, following which a 10 per cent additional disputed tax shall have to be paid over and above the tax liability.
Further, where arrears relate to disputed interest or penalty only, then 25 per cent of disputed penalty or interest shall have to be paid if the payment is made by March 31, beyond which the same shall be enhanced to 30 per cent. Also in search and seizure operations where the recovery is up to Rs 5 crore, this scheme can be availed once the Bill is passed by Parliament. The scheme would remain open till June 30, 2020.
While debating on the bill, BJP’s Sanjay Jaiswal provoked the agitating Congress MPs by saying that the Vivad se Vishwas Bill is actually helpful to corrupt Congress leaders like Sonia and Chidambaram. Jaiswal asked the Congress MPs to cooperate with the Bill and save from the probes on the money looted during the UPA regime. MPs rushed to Jasiwal, when all of a sudden during his speech, he attacked Sonia and Priyaka Gandhi for inciting people leading to Delhi riots. The House was adjourned thrice after this and debate is expected continue on Tuesday.
Earlier, the Government also introduced The Medical Termination of Pregnancy (Amendment) Bill and Mineral Laws Amendment Bill. The bill seeks to extend the upper limit for permitting abortions from the present 20 weeks to 24 weeks.