13/02/2020
Nod for Direct Tax amnesty scheme to cover debt recovery tribunals:
The Cabinet’s approval to infuse Rs 2,500 crore into National Insurance Company, Oriental Insurance Company and United General Insurance Company, may be a step towards the proposed merger of the three companies, which is at an advanced stage.
NEW DELHI: 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.