Vivad se Vishwas scheme to be fine-tuned to accommodate those declaring money involved in disputes and paying tax on them over just a fortnight in March.
As per the latest report by TransUnion CIBIL, a credit information company operating in India, consumer lending categories in Q2 CY19 witnessed 13% YoY decline on the back of moderating macro-economic conditions.
Origination volumes grew in credit cards and personal loans. However, volumes for home loans, auto loans and LAP witnessed decline or only partial growth. Asset quality was stable across products except LAP. Financial Express
End of the current financial year is just around the corner and given the time constraints, the Ministry of Finance is fine-tuning the regulations of the direct tax dispute resolution scheme "Vivad Se Vishwas" scheme to accommodate those declaring money involved in disputes and paying tax on them over just a fortnight in March.
Besides instructing officers with the job of clearing applications online within a day once the Vivad se Vishwas Bill is enacted in March, the tax department will allow assessees to join the scheme without waiting for the withdrawal of cases from various judicial bodies. Click link for the full scoop. [BS]
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