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News INCOME TAX

  • Feb 13, 2020
  • Nod for Direct Tax amnesty scheme to cover debt recovery tribunals

    The Direct Tax Vivaad se Vishwas Bill, 2020 will now cover pending litigation in debt recovery tribunals (DRTs) as well besides those in various courts and tribunals, the Union cabinet said while approving the change to the bill.

    “It has been decided to cover disputes pending in DRTs also,” Union minister Prakash Javadekar said after the Cabinet meeting. “Disputes of search and seizure where the recovery is below Rs 5 crore can be taken in this scheme," he added.

    The Cabinet also approved a scheme to recapitalise three public sector general insurance companies — National Insurance Company, Oriental Insurance Company and United General Insurance Company — to raise the solvency ratio and bring it in line with sector regulatory norms.