Lok Sabha Clears Bill To Reduce Direct Tax Litigation [Read Bill]
4 years, 10 months ago

Lok Sabha Clears Bill To Reduce Direct Tax Litigation [Read Bill]

Live Law  

The Lok Sabha on Wednesday passed the Direct Tax Vivad se Vishwas Bill, 2020, by voice vote. The Bill, aimed to reduce direct tax litigation, was introduced in the lower house by Finance Minister Nirmala Sitharaman, on February 5, 2020. Considering that the actual direct tax collection in the financial year 2018-19 was Rs.11.37 lakh crores, the disputed tax arrears constitute nearly one year direct tax collection. Resolution mechanism The resolution mechanism may be set at motion by an individual/ corporation, as the case may be, by filing of a declaration before the designated authority to initiate resolution of pending direct tax disputes.

Dispute Tax Resolution Lok Sabha Direct Bill Appeals Pending  direct  resolution  bill  read  appellant  tax  disputed  dispute  clears  reduce  disputes  pending  litigation  appeals  lok  sabha

History of this topic

Capital gains tax on real estate: Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties
5 months ago

Capital gains tax on real estate: Lok Sabha passes Finance Bill, amends LTCG tax provision on immovable properties

The Hindu  

The Finance Bill 2024 was passed in the Lok Sabha on Wednesday with an amendment relaxing the recently introduced new capital gains tax on real estate. The amendment comes after a proposal to remove indexation benefit in calculation of long-term capital gains on sale of immovable properties in the Budget 2024-25 had evoked criticism from various corners, including Opposition parties …

Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024
5 months ago

Parliament Monsoon Session: Lok Sabha passes Finance Bill 2024

India TV News  

Parliament Session: The Lok Sabha today passed the Finance Bill 2024 after the government relaxed the just-introduced new capital gains tax on real estate, allowing taxpayers an option to switch to a new lower tax rate or stay with the old regime that had higher rate with indexation benefit. Finance Minister Nirmala Sitharaman, who in her Budget for 2024-25 proposed …

Lok Sabha passes Bill to allow government expenditure for FY 2024-25
5 months ago

Lok Sabha passes Bill to allow government expenditure for FY 2024-25

The Hindu  

The Lok Sabha on Monday approved about ₹ 140 lakh crore in expenditure demands by different ministries of the Central Government, completing two-thirds of the legislative approvals needed for the full Budget of 2024–25. The lower house, which last week debated the Budget, approved demands for grants as well as the Appropriation Bill 2024, which authorises the government to use …

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again
5 months, 2 weeks ago

Union Budget 2024 reforms of the new tax regime may reduce tax burden and allow option to choose again

Hindustan Times  

Finance Minister Nirmala Sitharaman presented the Union Budget 2024 in the parliament on July 23, proposing new changes in the income tax slabs of the new tax regime. Nirmala Sitharaman pictured at the Lok Sabha on July 23, with the Union Budget What are the latest income tax slabs in the new tax regime? Up to ₹3 lakh: NIL ₹3-7 …

Budget 2024: Income tax slabs changed, standard deduction increased. Read details
5 months, 2 weeks ago

Budget 2024: Income tax slabs changed, standard deduction increased. Read details

Op India  

On Tuesday, Finance Minister Nirmala Sitharaman presented the Annual Financial Statement before the Lok Sabha. The Finance Minister has given relief to taxpayers who choose to opt for the New Tax regime as the tax slabs have been revised and the Standard deduction limit has been increased from Rs 50,000 to Rs 75,000. Personal Income Tax: The Union Finance Minister …

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction
5 months, 2 weeks ago

Income Tax Budget Highlights: Govt proposes tax cuts, more standard deduction

Hindustan Times  

New Tax Regime LIVE updates: Union Finance Minister Nirmala Sitharaman presents the Union Budget 2024-25 in Lok Sabha, in New Delhi, Tuesday, July 23, 2024. New Tax Regime Highlights: Union finance minister Nirmala Sitharaman presented her seventh consecutive Budget amid expectations from the middle class for relief at the tax front. Moreover, the efficiency of tax collection has improved over …

I-T Reprieve for Congress Till Polls
9 months, 1 week ago

I-T Reprieve for Congress Till Polls

Deccan Chronicle  

New Delhi: In a major reprieve to the Congress, the income-tax department on Monday told the Supreme Court that it will not take coercive action against the party for the tax demand notices of over Rs.3,500 crore in view of the forthcoming Lok Sabha elections. A bench of Justices B.V. Nagarathna and Augustine George Masih recorded the statement of Solicitor-General …

Lok Sabha passes Public Examinations (Prevention of Unfair Means) Bill, 2024
11 months ago

Lok Sabha passes Public Examinations (Prevention of Unfair Means) Bill, 2024

India TV News  

New Delhi: The Lok Sabha on Tuesday cleared the Public Examinations Bill, 2024, which aims to prevent unfair means in public examinations and common entrance tests held across the country. The bill seeks to deal sternly with malpractices and irregularities in government recruitment examinations, with provisions for a maximum jail term of 10 years and a fine up to Rs …

Budget 2024: Disputed Direct Tax Demand Of Up To Rs 25,000 Till FY10, Rs 10,000 For FY11-15 Withdrawn
11 months, 1 week ago

Budget 2024: Disputed Direct Tax Demand Of Up To Rs 25,000 Till FY10, Rs 10,000 For FY11-15 Withdrawn

ABP News  

Union Finance Minister Nirmala Sitharaman on Thursday said that the government has proposed to waive old disputed direct tax demands of up to Rs 25,000 till FY10 and Rs 10,000 for 2010-11 to 2014-15. "There are a large number of petty, non-verified, non-reconciled or disputed direct tax demands, many of them dating as far back as the year 1962, which …

Maha legislative council passes Lokayukta Bill
1 year ago

Maha legislative council passes Lokayukta Bill

Hindustan Times  

NAGPUR: In a significant stride towards bolstering transparency and accountability within the state’s governance, the Maharashtra State Legislative Council on Friday passed the Lokayukta Bill, 2022. State minister for education Deepak Kesarkar reintroduced the bill in the upper house after incorporating recommendations from the committee, following which the revised bill received unanimous support during Friday’s session. Addressing the legislative house, …

Bill to ease setting up of GST tribunals
1 year ago

Bill to ease setting up of GST tribunals

Live Mint  

New Delhi: Finance Minister Nirmala Sitharaman on Wednesday tabled an amendment bill in the Lok Sabha to make it easier to set up GST appellate tribunals by modifying the terms of appointment of members. The Central GST Bill, 2023, seeks to expand the pool of candidates for appointment as judicial members to the tribunals to include advocates with 10 years …

Lok Sabha passes Finance Bill 2023
1 year, 9 months ago

Lok Sabha passes Finance Bill 2023

Deccan Chronicle  

NEW DELHI: Finance minister Nirmala Sitharaman announced the setting up of a committee headed by the finance secretary to look into pension issues of government employees while maintaining fiscal prudence to protect common citizens. She made the announcement while seeking 64 amendments to the Finance Bill 2023, including providing marginal relief to tax payers under the new regime, and removing …

Lok Sabha passes Finance Bill
2 years, 9 months ago

Lok Sabha passes Finance Bill

Deccan Chronicle  

New Delhi: The Finance Bill 2022, moved by finance minister Nirmala Sitharaman, was passed in the Lok Sabha on Friday. The government has reportedly proposed 39 amendments to the Finance Bill, 2022, including changes to the crypto tax structure; penalty provisions on publication of import-export data and status of past income computations that claimed deduction of disallowed cess and surcharges. …

Congress 'unable to digest' mandate of 2019: Govt slams Oppn for disruptions during Winter Session
3 years ago

Congress 'unable to digest' mandate of 2019: Govt slams Oppn for disruptions during Winter Session

India TV News  

Union Minister Pralhad Joshi lashed out at opposition parties for repeated disruptions during the Winter Session of Parliament that concluded on Wednesday, saying they seem to be "unable to digest" the mandate of 2019. Lok Sabha and Rajya Sabha were adjourned sine die, bringing an end to the session that saw opposition members protest on issues such as price rise …

Rajya Sabha approves Tax Amendment bill to end retrospective taxation
3 years, 5 months ago

Rajya Sabha approves Tax Amendment bill to end retrospective taxation

Live Mint  

A bill that aims to end all retrospective taxation imposed on indirect transfer of Indian assets was approved by Rajya Sabha on Monday amid continuous protests by the opposition. Rajya Sabha on Monday took up The Taxation Laws Bill, 2021, with Opposition Congress, DMK and TMC staging a walkout, saying adequate time was not given to them to prepare for …

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone
3 years, 5 months ago

Centre introduces Bill in Lok Sabha to withdraw retrospective tax demands on Cairn, Vodafone

Firstpost  

New Delhi: In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a Bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced ‘The Taxation Laws Bill, 2021’ in …

Govt amends Income Tax Act, retrospective tax rule junked
3 years, 5 months ago

Govt amends Income Tax Act, retrospective tax rule junked

India TV News  

In a bid to bury the ghost of retrospective taxation, the government on Thursday brought a bill in the Lok Sabha to withdraw all back tax demands on companies such as Cairn Energy and Vodafone and said it will refund the money collected to enforce such levies. Finance Minister Nirmala Sitharaman introduced 'The Taxation Laws Bill, 2021' in the Lok …

Lok Sabha approves bill to abolish tribunals
3 years, 5 months ago

Lok Sabha approves bill to abolish tribunals

Live Mint  

Lok Sabha on Tuesday cleared the Tribunals Reforms Bill, 2021 seeking to replace an Ordinance brought out in April to abolish certain tribunals which according to the government have not helped in faster justice delivery. The idea is to abolish tribunals set up under various laws including the Cinematograph Act, the Copyrights, Act, the Customs Act, the Patents Act, the …

Lok Sabha Passes Finance Bill 2021
3 years, 9 months ago

Lok Sabha Passes Finance Bill 2021

Live Law  

The Lok Sabha on Tuesday passed the Finance Bill, 2021 to give effect to the financial proposals of the Central Government for the financial year 2021-2022. Apart from the Finance Act, the Bill also proposes to amend the Income Tax Act, 1961; Life Insurance Corporation Act, 1956; the Securities Contracts Act, 1956; the Central Sales Tax Act, 1956; the SEBI …

Sitharaman accuses Oppn of creating 'false narrative' in Rajya Sabha; Lok Sabha passes arbitration amendment bill
3 years, 10 months ago

Sitharaman accuses Oppn of creating 'false narrative' in Rajya Sabha; Lok Sabha passes arbitration amendment bill

Firstpost  

The Rajya Sabha has been adjourned till 8 March with Chairman Venkaiah Naidu saying that the Upper House clocked 99 percent productivity during the two-week-long sitting of the two-phased Budget session Finance Minister Nirmala Sitharaman accused the Opposition of creating a “ false narrative ” about the Centre favouring businessmen and industrialists, in her reply to the debate on the …

Income Tax, Corporate Tax, Merger of More Banks: Key Expectations from a 'Never Before' Budget 2021
3 years, 11 months ago

Income Tax, Corporate Tax, Merger of More Banks: Key Expectations from a 'Never Before' Budget 2021

News 18  

The countdown for the Union Budget 2021 has started with all eyes on Union Finance Minister Nirmala Sitharaman’s third budget, which she will be presenting on February 1, 2021. Section 198 of the Income-tax Act, 1961 provides that the tax deducted at source should be included in the gross total income of the assessee. With the fortune of many multinational …

Vivad Se Vishwas Scheme Garners Rs 72,480 Crore Tax to Govt So Far
4 years, 1 month ago

Vivad Se Vishwas Scheme Garners Rs 72,480 Crore Tax to Govt So Far

News 18  

The government has garnered Rs 72,480 crore so far through the direct tax dispute resolution scheme Vivad Se Vishwas, sources said. The government had last month extended for the third time the deadline for making payment under the Vivad Se Vishwas scheme by three months to March 31, 2021 in view of the ongoing pandemic. The Direct Tax Vivad se …

Govt Garners Rs 9,538 Crore from Direct Tax Dispute Resolution Scheme So Far
4 years, 3 months ago

Govt Garners Rs 9,538 Crore from Direct Tax Dispute Resolution Scheme So Far

News 18  

The government has collected Rs 9,538 crore revenue from the Direct Tax Vivad Se Vishwas scheme, Parliament was informed on Sunday. Minister of State for Finance Anurag Singh Thakur said as many as 35,074 declarations have been filed under the Direct Tax Vivad Se Vishwas scheme till September 8, 2020. Finance Minister Nirmala Sitharaman had proposed the direct tax dispute …

Parliament proceedings | September 20, 2020
4 years, 3 months ago

Parliament proceedings | September 20, 2020

The Hindu  

Rajya Sabha on Sunday witnessed chaos as the ruling party passed the contentious Agriculture Bills amidst prolonged protests by the Opposition. 1 pm | Rajya Sabha Deputy Chairman Harivansh asks if the House agrees to extend proceedings from 1 p.m. till disposal of the Bills, and ruling party says yes. 12.15 PM | Rajya Sabha Read your own manifesto first: …

Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen
4 years, 5 months ago

Compute tax demand for all assessees by Aug 31, dispose of pending appeals: CBDT chief to taxmen

The Hindu  

With tepid collections proving to be a challenge in meeting tax revenue goals, CBDT Chairman P.C. In a letter to Principal Chief Commissioners of Income Tax, Mr. Mody said that many taxpayers are waiting to file applications under ‘Vivad Se Vishwas’ scheme, but they are also waiting for correct demand to be intimated to them. of cleaning up of the …

What is Direct Tax Vivad se Vishwas Bill, 2020?
4 years, 9 months ago

What is Direct Tax Vivad se Vishwas Bill, 2020?

India Today  

The Direct Tax Vivad se Vishwas Bill, 2020 was introduced in Lok Sabha by the Minister of Finance, Ms. Nirmala Sitharaman, on February 5, 2020. Appellant: The Bill defines an appellant as the income tax authority, or the person, or both, whose appeal is pending before any appellate forum as on January 31, 2020. Resolution mechanism: The Bill proposes a …

Parliament Passes Finance Bill, 2020 Without Discussion; House Adjourned Sine Die
4 years, 9 months ago

Parliament Passes Finance Bill, 2020 Without Discussion; House Adjourned Sine Die

Live Law  

The Lok Sabha on Monday passed the Finance Bill, 2020, with amendments, by voice vote. Proposes bring a new 'simplified' personal income tax regime.#Budget2020 — Live Law February 1, 2020 The Bill also expands the benefit of the reduced corporate tax rate of 15%, as offered to new domestic manufacturing companies, to the domestic companies engaged in power generation. RSP's …

Centre Notifies Direct Tax Vivad se Vishwas Act To Reduce Direct Tax Litigation [Read Act]
4 years, 9 months ago

Centre Notifies Direct Tax Vivad se Vishwas Act To Reduce Direct Tax Litigation [Read Act]

Live Law  

The Central government on Tuesday notified the Direct Tax Vivad se Vishwas Act, 2020, to reduce direct tax litigation. The Act, aimed to reduce tax litigation, was moved by Finance Minister Nirmala Sitharaman, to set up a mechanism for resolution of disputes related to income tax and corporation tax, pending before any appellate forum as on January 31, 2020. With …

Parliament passes Direct Tax Vivad Se Vishwas Bill
4 years, 9 months ago

Parliament passes Direct Tax Vivad Se Vishwas Bill

India TV News  

The parliament on Friday passed Direct Tax Vivad Se Vishwas Bill, 2020 with an aim to settle pending direct tax disputes in the country. The Bill, which will provide taxpayers a lucrative opportunity to settle direct tax disputes within the current financial year by waiving interest and penalty on their pending taxes, was passed by voice vote and returned by …

Finance Minister introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha
4 years, 11 months ago

Finance Minister introduces Direct Tax Vivad Se Vishwas Bill in Lok Sabha

The Hindu  

Finance Minister Nirmala Sitharaman on Wednesday introduced a bill in the Lok Sabha to provide for a mechanism to settle disputed tax cases to the tune of ₹9.32 lakh crore. However, Congress leader in the Lok Sabha Adhir Ranjan Chowdhury objected to the Direct Tax Vivad Se Vishwas Bill, 2020, saying it violates parliamentary tradition by using Hindi and English …

Union Budget 2020: Govt proposes cut in tax on cooperative societies to 22 percent
4 years, 11 months ago

Union Budget 2020: Govt proposes cut in tax on cooperative societies to 22 percent

India TV News  

Finance Minister Nirmala Sitharaman on Saturday proposed reduction of tax on cooperative societies to 22 per cent plus surcharge and cess, from 30 per cent at present. Presenting the Budget for 2020-21, Sitharaman also announced extending by one year the date of approval of affordable housing projects for availing tax holiday on profit earned by developers. She also announced extension …

Lok Sabha Passes Bill To Slash Corporate Tax Rates [Read Bill]
5 years, 1 month ago

Lok Sabha Passes Bill To Slash Corporate Tax Rates [Read Bill]

Live Law  

The Lok Sabha today passed the Taxation Laws Bill, 2019, to slash corporate tax rate to 22% without incentives and tax rate for new manufacturing entities to 15%. Salient Features of the Bill Optional Tax Rates For Domestic Companies Currently, the income tax rate for domestic companies with annual turnover of up to Rs 400 crore is 25%. The Bill …

Direct tax collection up 5 per cent till November: Sitharaman
5 years, 1 month ago

Direct tax collection up 5 per cent till November: Sitharaman

India TV News  

Rejecting fears of the corporate tax reduction impacting revenue collection, Union Finance Minister Nirmala Sitharaman on Monday told Parliament that the gross direct tax collection had increased by 5 per cent till November.​ Sitharaman was responding to the query of Nationalist Congress Party member Supriya Sule, during discussion in the Lok Sabha on the Taxation Law Amendment Bill, 2019, as …

Lok Sabha passes Finance Bill, Sitharaman says budget proposals aimed at improving ease of living
5 years, 5 months ago

Lok Sabha passes Finance Bill, Sitharaman says budget proposals aimed at improving ease of living

India TV News  

Finance Minister Nirmala Sitharaman on Thursday said that the tax proposals in the Finance Bill 2019 are aimed at improving the ease of living and reducing the pain of the citizens. While replying to a discussion on the Finance Bill, Sitharaman said Budget proposals will promote Make in India and digital payment. The Minister, however, did not relax the tax …

Lok Sabha sits late to conclude debate on Union Budget
5 years, 6 months ago

Lok Sabha sits late to conclude debate on Union Budget

India TV News  

The Lok Sabha sat till 11.10 pm on Tuesday to conclude the debate on the Union Budget, the reply to which will be given by Union Finance Minister Nirmala Sitharaman on Wednesday. The Lok Sabha concluded the debate on the Union Budget on Tuesday. While a total of 12 hours were allocated for the discussion, the Lower House sat till …

’GST Council to consider reducing tax on electric vehicles’
5 years, 6 months ago

’GST Council to consider reducing tax on electric vehicles’

Live Mint  

New Delhi: The GST Council will consider reducing tax on electric vehicles, which are seen as more environment-friendly, and the matter is pending before it, Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday. Thakur said the number of tax filers has doubled under the GST, and it shows that people's trust in the new tax …

Union Budget 2019: Nirmala Sitharaman should give tax benefits to common man, remove MAT, say experts
5 years, 6 months ago

Union Budget 2019: Nirmala Sitharaman should give tax benefits to common man, remove MAT, say experts

Firstpost  

New Delhi: Finance Minister Nirmala Sitharaman should consider increasing the income tax exemption limit to at least Rs 3 lakh and abolish minimum alternate tax for companies to boost consumption and economic growth, suggested tax experts. “The government may raise the basic exemption limit by Rs 50,000 extending the benefit to all or alternatively, 5 per cent slab may be …

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