CBDT Issues Clarification on Direct Tax Vivad se Vishwas Bill, 2020

The Central Board of Direct Taxes has issued Clarifications on provisions of the Direct Tax Vivad se Vishwas Bill, 2020. The objective of Vivad se Vishwas is to inter alia reduce income tax litigation and thereby generate timely revenue for the Government and benefit taxpayers by providing them savings on account of time and resources that would otherwise be spent on the long-drawn and vexatious litigation process.