The Direct Tax Vivad se Vishwas Act, 2020 (“the Act”) received the assent of the President on March 17, 2020 and is published in Gazette today i.e., March 18, 2020.
Under the proposed Income Tax amnesty scheme, a taxpayer would be required to pay only the amount of the disputed taxes and will get complete waiver of interest and penalty provided he pays by March 31, 2020. Those who avail this scheme after March 31, 2020 will have to pay some additional amount. The scheme will remain operative till June 30, 2020.
The Act can be accessed at: http://egazette.nic.in/WriteReadData/2020/218716.pdf