New Delhi. The Union Cabinet on Wednesday approved changes in the 'Direct Taxes Disputes to Confidence Bill, 2020'. The aim of this change is to expand the scope of the bill to include those lawsuits which are pending in various debt recovery tribunals (DRTs). The bill was introduced in the Lok Sabha earlier this month with the intention of reducing legal disputes related to direct taxes.
It includes pending at the Commissioner (Appeals) level, Income Tax Appellate Tribunals (ITATs), High Courts and Supreme Court. It is proposed to include tax disputes. After the meeting, Union Minister Prakash Javadekar said that the cases pending in the DRT are also now included. It has been decided. He said that 9 lakh crore direct tax cases are pending in various authorities and courts. The minister hoped that people would take advantage of the scheme and resolve the tax dispute before 31 March 2020.
If not, then they will have to pay 10 percent extra for settlement of disputes in the next financial year. Prime Minister Narendra Modi Cabinet approved to infuse capital of Rs 2,500 crore in three public sector general insurance companies in the meeting was given. These three companies…. National Insurance Company Limited, Oriental Insurance Company and United India Insurance Company…
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