The Central Board of Direct Taxes (CBDT) on Saturday rolled out the Direct Tax Vivad Se Vishwas Scheme, 2024 (DTVSV), which will be effective from October 1, 2024. The DTVSV Scheme has been floated to resolve income tax disputes and proposed by Finance Minister Nirmala Sitharaman in the full Budget 2024-25. The scheme … Read more
The finance ministry on Wednesday circulated a draft scheme for settlement of pending disputes related to government contracts. Under the ‘Vivad se Vishwas II’ (contractual disputes) scheme, contractors will be offered settlement amounts depending on the status of a dispute. In cases of disputes where court or arbitral order has been passed, the settlement amount … Read more
In a relief to micro, small and medium enterprise (MSME) suppliers, the penalties imposed on them for failure to execute contracts will be reimbursed and a mechanism to settle contractual disputes of the government will be put in place. The budget has also paved the way for easier flow of collateral-free funds, lower cost of … Read more
The President of India gave his assent to the Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Bill, 2020, which will extend compliance-related timelines for taxpayers while offering significant relief to foreign investors. The ministry of law and justice issued a notification to the effect. The bill, which now becomes an Act, was … Read more