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What extension of the tax amnesty scheme, Vivad se Vishwas, means
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The Union budget 2020 was presented by the finance minister on 01 February with an underlying objective to support the government’s target of India becoming a $5 trillion economy by 2025.
Several policy and tax related announcements were made with primary focus on improving the ease of living and the ease of doing business in India.
One of the key proposals was introduction of a direct tax dispute resolution scheme, namely, ‘Vivad se Vishwas Scheme’ which translates to ‘From Dispute towards Trust’, i.e.
trust as the basis of partnering with the taxpayers towards building the nation. The scheme proposes to settle direct tax disputes relating to the personal income tax and corporate tax between taxpayers and the tax department.
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