WHAT IS THIS BILL ALL ABOUT?
The Bill is aimed at resolving direct
tax related disputes in a speedy manner.
It includes dispute pending in all appellate forums such as-
Supreme Court, the High Courts,
the Income Tax Appellate Tribunals, etc.
AMOUNT PAYABLE FOR RESOLUTION
DISPUTES NOT COVERED
(i) Where prosecution has been initiated.
(ii) Involve persons who have been convicted.
(iii) Involving undisclosed foreign income or assets
WHAT ARE THE CHANCES FOR THIS SCHEME TO BE SUCCESSFUL?
In the last budget, Sabka Vishwas Scheme was brought in to reduce litigation in indirect taxes.
Through this government expected to raise Rs 39,500 crore from the Sabka Vishwas scheme.
But government was able to collect taxes worth Rs 90,000 crore.
Through approx. 1.90 lakh applications.
HOW MANY DIRECT TAX CASES PENDING?
At present there are as many as
4,83,000 direct tax cases pending in various appellate forums.
CRITICISM FROM OPPOSITION
For the use of Hindi words in its name, arguing that this was government’s way to impose Hindi on the non-Hindi speakers.
The Bill treats honest & dishonest people equally.