Indian Parliament Approves Vivad Se Vishwas Scheme for Settling Tax Disputes

On 13 March 2020, the upper house of the India parliament (Rajya Sabha) approved the Direct Tax Vivad Se Vishwas Bill 2020, following approval in the lower house (Lok Sabha) on 4 March. The bill provides for the Vivad Se Vishwas scheme for dispute resolution announced as part of the Budget 2020-2021.

The scheme is available with respect to appeals/petitions filed by taxpayers or the tax authorities that are pending on 31 January 2020 before the Commissioner of Income-tax (Appeals), the Inco…